MoviePass Parent Company to Acquire Emmett Furla Oasis Films
The deal helps Helios and Matheson Analytics launch MoviePass Films with the producer of 'Lone Survivor' and 'Broken City.'
MoviePass parent Helios and Matheson Analytics is to acquire film producer Emmett Furla Oasis Films, including its film library and current production slate.
Terms of the deal were not disclosed, but Helios is paying Randall Emmett and George Furla, head of the film financing and production banner, a combination of cash and stock. The deal for EFO Films, which produced Lone Survivor and Broken City, will also allow the parent of the controversial movie theater subscription service, which famously sells 30 cinema tickets for the price of one, to move forward with plans to launch MoviePass Films to produce and distribute movies.
Helios will own 51 percent of the new division, and EFO Films will have the remaining 49 percent stake in MoviePass Films. Emmett and Furla will serve as co-CEOs of MoviePass Films, which aims to allow Helios to get into theatrical film distribution.
"To have such a well-known, quality production company join forces with the Helios/MoviePass group of companies at this early stage in our development is truly remarkable,” said Mitch Lowe, MoviePass CEO, in a statement.
MoviePass had been wooing moviegoers with a cinema ticket per day for just $9.95 a month, but the company has been watering down its movie theater subscription offer in recent months as its share price falls amid investor skepticism.
But as the company diversifies, MoviePass is eyeing its deal for EFO Films to develop its own content and use its subscriber base to help market film releases.
"I believe this partnership with Emmett Furla Oasis Films will accelerate those efforts and demonstrate the power of MoviePass to drive movie theater attendance and downstream sales, for the benefit of moviegoers, movie theaters, studios and the filmed entertainment ecosystem as a whole,” Lowe added.
EFO Films was launched in 1998, and merged in 2013 with Oasis Ventures Entertainment. Upcoming releases include Martin Scorsese's Silence and Tupac, a biopic on the hip hop pioneer Tupac Shakur.
"To do a deal with Helios and MoviePass is epic for us. The MoviePass subscription service has totally disrupted the movie industry, for the better," said Randall Emmett in his own statement.