Nu Image Acquires Control of First Look Studios21 Mar, 2007 By: Erik Gruenwedel
Seeking to establish a stronger U.S. home entertainment and theatrical distribution capability, independent film producer and distributor Nu Image March 21 announced it had acquired “effective control” of First Look Studios Inc., including First Look Home Entertainment (FLHE).
Financial terms of the deal, which incorporated a “substantial injection” of undisclosed capital from holding company Nu Image FLS Investment LLC and the restructuring of First Look's debt, were not disclosed.
Producers Avi Lerner, Danny Dimbort and Trevor Short, who head Nu Image and its subsidiary Millennium Films, will be actively involved in First Look operations, according to a company statement.
FLHE first distributed select Nu Image science-fiction/fantasy titles in 2005.
A First Look spokesperson said no personal changes were planned and that operations at FLHE were continuing as usual.
First Look Studios owns rights to about 700 movies and operates four business units: First Look Pictures, the U.S. theatrical releasing operation; FLHE; First Look International, the foreign sales operation; and First Look Media, a branded entertainment arm.
Titles include Charlize Theron's Oscar-winning Monster and The Secret of Roan Inish to TV shows such as “Flipper,” “Unsolved Mysteries” and select seasons of “Baywatch,” which was released on DVD last October, in partnership with Pamela Anderson.
First Look came under scrutiny earlier this month following the abrupt resignation of Henry Winterstern, First Look Studios co-chairman and CEO.
FLHE president Bill Bromiley was not immediately available for comment.