April, 2007 - Summit Entertainment, LLC is a worldwide theatrical motion picture development, financing, production and distribution studio. The studio handles all aspects of marketing and distribution for both its own internally developed motion pictures as well as acquired films. Summit Entertainment also represents International sales for both its own slate and third party product. Summit Entertainment will release 10 to 12 films annually.
The creation of the new studio was established in April 2007 when Robert G. Friedman, the former Vice Chairman and Chief Operating Officer of Paramount Pictures Motion Picture Group, and Patrick Wachsberger, Chief Executive Officer and President of Summit Entertainment, L.P., closed a financing deal with a consortium of investors. Under the terms of the transaction Summit Entertainment has access to over $1 billion for development, production, acquisition, marketing and distribution of filmed entertainment across all media.
The studio oversees the home entertainment distribution of its films including sales, marketing, distribution strategy and retailer relationships and maintains an agreement with Universal Studios Home Entertainment to handle the physical distribution of its product.