TORONTO — Canadian indie film distributor Alliance Films has completed the acquisition of Maple Pictures from Lionsgate Entertainment for $38.5 million.
Alliance Films chairman and CEO Victor Loewy confirmed that the deal to acquire the distributor of Lionsgate product in Canada had closed.
“If you look around, there’s very few indie companies operating in the U.S. and Lionsgate is the biggest one,” Loewy said of his latest catch as Alliance Films acquires the Maple Pictures library and the exclusive Candian rights for Lionsgate product in Canada.
The possible sale of Maple Pictures, which was launched in 2005 by co-presidents Laurie May and Brad Pelman, was first reported in April.
Lionsgate CEO Jon Feltheimer on a Wednesday morning analyst call reiterated the Maple Pictures sale was part of an ongoing strategy by the mini-major to sell off non-core assets.
Loewy added job losses at Maple Pictures should be kept to a minimum after the rival distributor joins the Alliance Films fold.
“There will be a surprisingly high number of people that we’re keeping,” he said.