New $150 mil purse spurs Wild Bunch
EmptyPARIS -- Paris-based Wild Bunch is launching a €110 million ($150 million) acquisition and co-production venture in partnership with U.S.-based investment firm Continental Entertainment Capital.
Wild Bunch has raised €25 million ($34 million) in equity, thanks to investments from CEC, with the balance of the additional funding provided by Iris Capital, an early-stage private equity investor in the company, as well as by Wild Bunch management.
CEC will take a minority stake in Wild Bunch and become an equal partner with the Gallic production-acquisition-sales company in an enterprise dedicated exclusively to the acquisition and co-production of feature films.
The films acquired or co-produced by the new Wild Bunch-CEC fusion will be distributed and sold worldwide by Wild Bunch.
The new entity will co-exist alongside Virtual Films, a similar joint venture Wild Bunch and shareholder Virtual Studios formed in 2006.
"This capital investment is a significant milestone in the building up of Wild Bunch as an ambitious and innovative European distribution company," Wild Bunch COO Brahim Chioua said Tuesday.
Wild Bunch manages a library of some 300 films. Upcoming releases in France include Palme d'Or winner "4 Months, 3 Weeks and 2 Days," Woody Allen's "Cassandra's Dream" and Steven Soderbergh's "Che."
Based in New York and Los Angeles, CEC is a subsidiary of Continental Entertainment, a joint venture formed in April 2007 with Citi's principal investment arm to provide production, distribution and financing services within the entertainment community.