Screenwriting Software Company Final Draft Gets New Owner
Cast & Crew Entertainment Services acquired the company on Tuesday.
Cast & Crew Entertainment Services, one of Hollywood's premier payroll-services companies, has acquired screenwriting software company Final Draft for an undisclosed amount of money, the companies said Tuesday.
Final Draft was founded 25 years ago and has become one of the dominant software products used by screenwriters, while 40-year-old Cast & Crew was acquired for $700 million last year by Silver Lake, a private equity firm with investments in Alibaba, WME/IMG and GoDaddy.
Final Draft will continue to operate under its own name out of its headquarters in Calabasas, Calif., and none of the 40 or so employees are expected to lose their jobs due to the acquisition. The management team, including CEO Mark Madnick and president Scott McMenamin, will remain in their positions.
"We see powerful links between this exceptional product family and the digital payroll and production solutions we are providing. It all starts with the script," said Eric Belcher, CEO of Cast & Crew, which operates out of Burbank and employs 350 people.
"This is a great time to be a Final Draft customer as we focus on collaborating with Cast & Crew to deliver innovative solutions for every part of the screenwriting process and beyond," said Madnick.