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New Summit studio launches with over $1bn in funding

Rob Friedman, the former vice chairman and COO of Paramount Pictures, and Patrick Wachsberger, the head of Summit Entertainment LP, have unveiled their long-in-the-works production and distribution company which has immediate access to $1bn in funds from a financing deal led by Merrill Lynch and a consortium of investors.The company, which will be called Summit Entertainment LLC, has acquired Wachsberger's Summit Entertainment LP and will now handle its own domestic distribution ...

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