Bergstein heads investors in IM Internationalmedia
EmptyCOLOGNE, Germany -- Film financier/distributor David Bergstein has made Intermedia parent IM Internationalmedia his latest acquisition, heading up a group of investors who Thursday picked up a majority stake in the Munich-based company behind "Terminator 3: Rise of the Machines" and "Basic Instinct 2."
Bergstein was the "mystery investor" who in December acquired 45,000 IM warrant bond notes for 900,000 euros ($1.3 million).
On Thursday, Bergstein and his investors announced they planned to exercise all their option rights, acquiring 6.3 million new IM shares, or 57% of the company for 6.93 million euros ($10.2 million). The cash will be used to invest in new productions for IM.
Bergstein's rescue comes after a hard few months for IM. Financing problems last year07 forced the company to halt production on its flagship feature, the Jan de Bont actioner "Stopping Power." With little money coming in, the company was close to collapse and issued the warrant bonds to help cover operating expenses.
With Bergstein's cash injection, IM should be able to push ahead with new productions. IM's latest, "One Missed Call," a remake of the hit Japanese horror film "Chakushin ari" hits U.S. theaters Friday.
Konstantin Thoeren, who took over as IM chief executive in October, will stay on as head of the company.
The IM deal follows the 2006 takeover of Toronto-based indie ThinkFilm by Bergstein and his Capitol Film group for a reported $25 million.