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Lions Gate buys independent film production company

Lions Gate Entertainment Corp. acquired Good Universe, an independent film production company founded by Joe Drake and Nathan Kahane.

Financial terms of the deal were not disclosed.

The company said Oct. 12 that it tapped Drake to co-chair its Motion Picture Group along with Patrick Wachsberger, who recently signed a new agreement with Lions Gate. Kahane will continue to head Good Universe under Lions Gate's ownership.

The deal was negotiated by Sheppard Mullin Richter & Hampton and Lions Gate Co-COO Brian Goldsmith and General Counsel and Chief Strategic Officer Wayne Levin for Lions Gate. It was negotiated by O'Melveny & Myers LLP and Good Universe's Michael Meyer and Jeremy Needleman for Good Universe.