When we last updated you about Lionsgate and Summit’s merger, we learned that talks had slowed down though they were expected to pick up in the new year.

Now Deadline reports that Lionsgate is very close to purchasing Summit.

They also share numerous behind-the-scenes details:

The hard-fought Lionsgate purchase of Summit Entertainment now looks about to consummate with insiders telling me it’s a $700 million deal consisting of $400M in equity plus an assumption of $300 million of debt. Most of that debt will be in the form of a bank loan by JP Morgan to Lionsgate. Several estimates have valued Summit at between $350 million and $450 million so to those familiar with Summit’s finances who don’t think my numbers add up, here’s why: Although the gross debt on Summit’s balance sheet is $500M, part of it gets wiped out by cash, and part of the cash moves with the company. Bankers and attorneys have been hovering all week around Summit, best known for its billions-dollar success with its Twilight Saga series, as the merger talks between two of Hollywood’s largest independent movie studios morphed into takeover talks and went down to the wire, while media have been writing that the Lionsgate-Summit deal either was imminent or blew up.

In case you don’t know, Summit owns The Twilight Saga while Lionsgate owns The Hunger Games. We’ll let you know once a deal has been finalized.