What's The Deal?
Here is another episode of What’s The Deal, reporting on recent industry activity around the globe.
- The Weinstein Company recently entered a multi-year exclusive licensing agreement with Netflix for several titles, including Oscar hopefuls The Artist and Undefeated. The deal also includes foreign-language films, documentaries and other titles that are not part of the 2008 deal between Weinstein and Showtime. Unfortunately, Netflix did not get the rights to other successful films such as My Week With Marilyn, The Iron Lady, The King’s Speech and Scream 4.
- In other Weinstein news, they are looking to raise approximately $150 million backed by their content library.
- Tim Haslam and Hugo Grumbar recently formed Embankment Films and are offering a complete arsenal with pre-sales, tax credit cash-flow and gap financing. Aver Media showed its support with a $20 million credit facility. Both Haslam and Grumbar bring a long history of success in the business after spending time at HanWay Films, Majestic Films, Intermedia and Icon U.K. Group. Embankment has already completed 40 pre-sales worldwide.
- On the global stage, the US and China recently completed a deal that will see an increase in US films being released in China’s growing number of movie theatres. Foreign studios will be entitled to a 25% share of box office (almost double what it used to be). The film quota also increased from 20 to 34 films. Given the number of new screens appearing in China as of late, there is a high demand for content and the prices have increased drastically as a result (click here and here for more details). Unfortunately, we cannot say the same for certain parts of Europe. Nevertheless, Festival de Cannes will surely bring some exciting deals later this year.
