‘Twilight: Breaking Dawn Part 1’ eclipses $700 million mark

In their first joint press release, Lionsgate and Summit Entertainment announced Monday that The Twilight Saga: Breaking Dawn - Part 1 has passed the $700 million mark and that it should become the top-grossing film in the Twilight franchise.

In the announcement, Lionsgate said that Breaking Dawn - Part 1 has grossed an estimated $701.3 million in box office revenue since it hit domestic theaters on Nov. 18, 2011. Lionsgate and Summit also add that they predict the film will surpass the $709.8 million that New Moon made, according to Deadline.

Breaking Dawn - Part 1 has yet to open in major markets like Japan and China, which should be enough to make it the highest grossing film in the series.

According to Ace Show Biz, Breaking Dawn - Part 1 has actually not done as well as the previous films in North America. To date, the film has only grossed $280.3 million. Eclipse is still the highest-grossing Twilight film in the U.S., making $300.5 million. New Moon made $296.6 million domestically.

In the announcement, Lionsgate co-chairmen Rob Friedman and Patrick Wachsberger said, "The milestone is important on several fronts and illustrates the vitality of the franchise on a global scale even after four films." The statement was the first since the two have been hired to lead Lionsgate’s motion picture division after Summit was finally purchased by Lionsgate. Friedman and Wachsberger were the co-chiefs of Summit.

Breaking Dawn - Part 1 received some of the worst reviews of the series when it opened, but the film still proved to be a big hit. It is likely to continue making money for Lionsgate when it reaches home video on DVD and Blu-ray on Feb. 11. The final film of the series, Breaking Dawn - Part 2, hits theaters on Nov. 16.