De Mol hammers out deal for Spitfire Pictures

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Jon de Mol's Dutch investment vehicle Cyrte has bought Los Angeles production banner Spitfire Pictures.

Cyrte plans to roll Spitfire's activities into a new company, HS Media, along with the Dutch fund's majority holding in British production label Hammer Films.

The aim is to create an integrated film, television, sales and distribution company with outposts in Los Angeles and London.

An HS Media spokesperson said the startup combination company will have access to $100 million for production and aims to make six to eight movies a year, acquire titles for its foreign sales arm and establish a vertically integrated distribution operation. It will tap into shareholders' equity and facilities from de Mol's Dutch fund "to acquire media libraries, brands suited for digital platforms and other complimentary businesses."

Spitfire and Hammer have more than 300 titles combined, some of which likely will be remade into new projects.

Development and production activities will be run out of Los Angeles and London. (partialdiff)
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