Canadian film and TV producer Lionsgate Entertainment has reportedly restarted merger talks with Summit Entertainment.

Spokespersons for both Vancouver-based Lionsgate and privately-held Summit declined comment to Playback Daily on news of discussions first reported by Bloomberg News.

But the two mini-majors are understood to have renewed negotiations on a possible merger, just as Summit has rolled out the latest in its Twilight movie franchise, and Lionsgate hopes for equal franchise success when it launches theatrically the first movie adaptation of The Hunger Games literary property in March 2012.

Earlier merger talks between Summit and Lionsgate, which is publicly traded, came to nothing when both parties could not agree on valuations for each company, or who would lead a combined entity.

The reputed talks also come after billionaire investor Carl Icahn ended his bid to buy the Vancouver-based Lionsgate and agreeing to sell his one-third ownership of the company earlier this year.

Rumored merger talks led Piper Jaffray Companies on Tuesday to reaffirm its overweight rating on Lionsgate stock, with a $12.00 share price target.

Lionsgate is currently releasing 10 to 12 theatrical movies a year, in addition to delivering a series of popular TV series, including AMC’s Mad Men.

Stock in Lionsgate on Tuesday were off 1.41% to $8.41 on the New York Stock Exchange.