WME-IMG Acquires Majority Stake in Film Sales Company Bloom
Ken Kao and Alex Walton's company will continue to operate as its own entity.
WME-IMG has acquired a majority stake in the film finance and sales company Bloom.
Bloom, headed by Ken Kao and Alex Walton, will continue to operate as its own entity, still focused on sales, finance and production.
The Bloom sale comes right before the start of the Toronto International Film Festival, where the company will be taking its various projects to market. Bloom's upcoming slate includes the George Clooney-Coen brothers caper Suburbicon, bowing at TIFF; Mel Gibson's crime drama Dragged Across Concrete; and the ensemble comedy The Book Club, starring Diane Keaton and Jane Fonda.
Bloom will work with WME Global, which is in charge of packaging projects with the agency's talent, while also securing some financing and sales. With Bloom, the agency will have a better reach when it comes to securing funds from territory-by-territory overseas sales on projects.
The news comes a few weeks after WME-IMG received a $1.1 billion cash infusion in an investment led by Silver Lake Partners, the private equity firm that owns a significant stake in the agency. At the time, the extra cash was said to be going toward acquisitions. While discussion about the Bloom deal predates the recent investment, the acquisition in indicative of the agency's ambitions.