The Lions Gate Entertainment Corp. has purchased private studio Summit Entertainment LLC, producer of the successful Twilight film series, for $412.5 million in cash and stock.

Reuters last week reported that Lions Gate was nearing a deal to acquire the The Hurt Locker producer.

The combined company will work on consolidating administrative and other costs, Lions Gate and Summit said in a joint statement.

The deal includes $50 million of its common stock.

Units of JPMorgan Chase & Co., Barclays PLC, and Jefferies Group Inc. served as financial advisers for Lions Gate, the studio behind film and television hits such as Mad Men and Precious.

Shares of the company closed at $8.60 on Friday on the New York Stock Exchange.