CapCo to acquire Intermedia U.K. divisions
EmptyCOLOGNE, Germany -- Intermedia's German parent, IM Internationalmedia, signed a letter of intent Wednesday to sell its U.K. production and distribution divisions as well as a chunk of its rights library to CapCo, the holding company that recently acquired indie distribution firm ThinkFilm.
CapCo, owned by Los Angeles entrepreneur David Bergstein and construction mogul Ron Tutor, also has agreed to provide IM with a $150 million credit line toward future productions. In return, CapCo will handle worldwide distribution of future IM projects.
For IM productions not financed through CapCo, IM will have a put option to distribute the projects through ThinkFilm.
IM said the sale of its Intermedia production and distribution division in the U.K. will not impact operations as the group has shifted the bulk of its production activities to Los Angeles.
IM's production slate includes the upcoming horror feature "One Missed Call," the Jan de Bont-helmed thriller "Stopping Power" and the fourth film in the "Terminator" franchise.
IM shares jumped €0.17 (22 cents) on the news Wednesday, climbing to €0.54 (70 cents).