The Film Department, the indie production and distribution company which Mark Gill and Neil Sacker founded in 2007, no longer plans to go public.
The company said Wednesday that it has withdrawn its registration statement with the U.S. Securities and Exchange Commission and that it is negotiating with private investors to raise $200 million in equity and debt that will be used to finance the production and distribution of five to 10 films per year.
In charting the new course, the company cited several developments: It has signed a U.S. home entertainment deal with Fox, and it has an output deal, through the Weinstein Co., with Showtime.
The Film Department said that it's improved its financial position over the past 12 months by more than $75 million, by paying off more than $60 million in debt and raising $15 million in additional private equity. In that same period the company has also generated more than...
The company said Wednesday that it has withdrawn its registration statement with the U.S. Securities and Exchange Commission and that it is negotiating with private investors to raise $200 million in equity and debt that will be used to finance the production and distribution of five to 10 films per year.
In charting the new course, the company cited several developments: It has signed a U.S. home entertainment deal with Fox, and it has an output deal, through the Weinstein Co., with Showtime.
The Film Department said that it's improved its financial position over the past 12 months by more than $75 million, by paying off more than $60 million in debt and raising $15 million in additional private equity. In that same period the company has also generated more than...
- 8/4/2010
- by By Gregg Kilday
- The Hollywood Reporter - Movie News
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