Heralding the launch of a new studio backed with $1 billion of financing, Summit Entertainment has named former Paramount COO Rob Friedman the CEO of the venture, with Summit CEO Patrick Wachsberger taking the studio president post, according to The Hollywood Reporter. Both will also serve as co-chairman, according to the trade paper. The new entity is expected to produce, acquire, market, distribtute and sell films considered, in the words of the story, "studio commercial fare." Wachsberger will also head the new Summit International sales arm. Greg Goldstein reports.