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CINETIC, BABELGUM PACT

Online film site Babelgum has pacted with Cinetic to release 12 movies digitally during the next year, including Toronto International Film Festival selection and Independent Spirit Award nominee "Bunny," with one film debuting each month. Babelgum recently announced its second annual online film festival, with a jury headed by Spike Lee.

LEGENDARY OFFERING

Legend Films, a San Diego-based entertainment and digital media company, has closed on a $5 million stock offering and will use the money to invest in its new 3-D conversion technology, its home entertainment and Web 2.0 businesses. The lead investor in the stock purchase was Augustus Ventures, with participation by Legend's largest shareholder, Boston equity fund Par Investment Partners.

INNOVATIVE 'HANNAH'

The team behind the production of Disney's "Hannah Montana and Miley Cyrus: Best of Both Worlds Concert" in 3-D won the Judges Award — the top award — at the International Broadcasting Convention Innovation Awards. Presented Sunday in Amsterdam, the awards recognize the partnership between technology companies and users. The movie was lensed in November, posted in 11 weeks and went on to become the first feature released solely in digital 3-D to open No. 1 at the boxoffice.
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