2/9/2010-Lions Gate Entertainment (NYSE:LGF) is rumored to be one of the potential bidders for Walt Disney's (NYSE:DIS) Miramax film unit, in addition to independent studio Summit Entertainment, which is known for its creation of the popular "Twilight" movies, according to a report from Reuters.

The spinoff of Miramax is part of a larger overhaul to Disney's movie operations, the source said, adding that it's library of small independent films aren't meshing well with Disney's focus now.

Reuters indicated that a source said Disney was looking to offload the studio for anywhere between $650 million to $800 million.

However, another bidder said $500 million to $700 million was more realistic as the studio generates about $100 million in annual cash flow and about $300 million in annual revenue.

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