Colony Capital searching for Summit

Yearly after buying Miramax, Colony Capital has converted into a potential second bidder for Summit Entertainment along with Lionsgate.Reps for Summit and Colony Capital declined to comment but people familiar with the issue mentioned that Colony and Summit will be in talks about a possible offer recent days. News in the Lionsgate discussions with Summit emerged this year's week -- although neither company has formally confirmed -- with Lionsgate getting engaged JP Morgan becoming an agent.Both deals would bolster Summit's capacity to use just like a minimajor because both Lionsgate and Miramax possess significant libraries. Colony completed a $663 million buyout of Miramax from Disney in December 2010. Ever since then, Miramax professionals have combed through hundreds of boxes in the warehouse in La that consists of the particulars around 650 projects developed beneath the previous regime and showed up in an offer with Lionsgate and StudioCanal on worldwide distribution rights to greater than 550 library game game titles.Lionsgate remains active in exploring purchases while worrying it won't pay an excessive amount of. It's had discussions with Summit about joining together coming back to date as november 2008, before the bow in the first "Twilight" pic combined with on-again, off-again talks about a merger with MGM too.Independently possessed Summit introduced Tuesday that "The Twilight Saga: Breaking Beginning -- Part 1" had hit $508 million in worldwide box office within the first 12 days. The best "Twilight" film will open November. 16. Contact Dork McNary at dork.mcnary@variety.com