Summit Purchase Won't Happen until 2012 (Report)

Studio had hoped to close a deal before the end of 2011 for tax reasons

Summit Entertainment is likely to remain its own company for the rest of the year.

The studio, which had hoped to merge with another company before 2012, has not come to an agreement with potential purchaser, the Los Angeles Times is reporting.

According to the Times, Summit had hoped to close a purchase deal before the end of the year in order to take advantage of tax and other financial incentives. But with two days left in the year, that's not going to happen.

Also read: Why Haven't Lionsgate and Summit Merged Yet?

Summit is in talks with Lionsgate Entertainment and with Miramax co-owner Colony Capital.

Summit is an attractive acquisition. Its "Twilight" series is extremely profitable and has one more installment to go before it ends.

The Times reports that Lionsgate and Colony each are offering in the neighborhood of $375 million — plus assumption of about $200 million of debt — for Summit.

A Summit spokesman was not immediately available for comment Thursday.