Los Angeles - Film studio Lionsgate Entertainment announced on Monday that it has acquired independent movie studio Mandate Pictures, whose productions include "Stranger than Fiction" and "Harold & Kumar Go to White Castle," for $56.3 million in cash and stock.

Lionsgate will also assume $6.6 million in debt from Mandate, which will be retired immediately.

Mandate was founded six years ago by Joe Drake, the former head of international distribution at  Lionsgate; Drake will now become Co-COO and president of Lionsgate's motion picture group, while also retaining his CEO role at Mandate.

Mandate co-founder Nathan Kahane will be president of the company.

Aside from its own productions, Mandate's Ghost House Pictures joint venture with Sam Raimi and Rob Tapert has also produced films including "The Grudge," "Boogeyman," "The Messengers" and "30 Days of Night."

Lionsgate said the deal will help grow its film library; strengthen its executive ranks; and grow its ability to secure international rights to films released by other major studios.

Related Links:
http://biz.yahoo.com/prnews/070910/clm102.html?.v=34

http://www.lionsgate.com

http://www.imdb.com/company/co0142446 (Mandate Pictures)