Millennium Entertainment for Sale22 Apr, 2013 By: Erik Gruenwedel
Millennium Entertainment April 22 said it has hired Los Angeles investment bank Salem Partners to help sell the company, said CEO Bill Lee.
Founded in 2010 by Lee, Millennium’s recent releases include Richard Linklater’s Bernie, starring Jack Black, Shirley MacLaine and Matthew McConaughey; The Paperboy, with Zac Efron; Stolen, with Nicolas Cage; and So Undercover, with Miley Cyrus.
Millennium owns a film library of 665 titles, working closely with major retailers, home entertainment and digital platforms — including Walmart, Target, iTunes and Netflix — as well as major cable operators.
Millennium is 60% owned by Nu Image, 20% by Prentice Capital (a Connecticut-based hedge fund) and 20% by Exclusive Media Group.
“Millennium has created the most comprehensive distribution platform outside of the major studios,” Lee said in a statement. “We look forward to working with Salem Partners to identify a new owner who is excited to participate in the next phase of our growth.”
Millennium Entertainment’s management team intends to remain intact and will continue to operate the company and support new ownership in the event of a sale.
Management includes veteran home entertainment executive Steve Nickerson, who was named president of the company last December.