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Pressestimmen der amerikanischen Fachpresse
Aufgrund des Zeitunterschieds hat die amerikanische Fachpresse (Variety, HollywoodReporter, ScreenDaily) den Verkauf der Initial Entertainment Group bereits ausführlich aufgegriffen. Die Resonanz ist durchweg positiv. Die Artikel finden Sie hier...
VARIETY
Mar. 18, 2004, 10:00pm PT
Producers revert to Initial plan
Move frees up $40 mil, save costs for Intermedia
By CATHY DUNKLEY
IEG`s Graham King and Colin Cotter have reached an agreement with Intermedia to buy back 100% of Initial via their investment company, Parliament Pictures. Initial will no longer be a subsidiary of Intermedia, which is headed by chairman Moritz Borman. Initial will also retain its name and library. According to Intermedia, the transaction will free about $40 million that would have been due Initial in the near future. It will also see Intermedia save overhead and development costs of about $6.5 million. Intermedia closed a deal to acquire Initial in 2001. The financing, sales and production shingle operated as an autonomous label within Intermedia, which covered its overhead and development. Intermedia does not retain foreign sales rights on Initial`s upcoming pictures, which include Martin Scorsese`s "The Aviator," Rebecca Miller`s "Rose and the Snake" and Lasse Hallstrom`s "An Unfinished Life." However, Intermedia will have profit participation and will receive some financial overages on pics produced under the deal. Intermedia`s German-based IMF fund invested in "Aviator." "The market has changed since we first did the deal, and this is a positive way to keep going," said King. "We hope to work together again in the future, and in today`s economic climate, it was a deal that made sense to Moritz and myself." Added Borman: "Going forward, this doesn`t have any impact on Intermedia`s operations as Initial always made the movies it wanted to make. When we acquired Initial, we never acquired it to integrate its library or personnel into the company." King most recently produced "Aviator," starring Leonardo DiCaprio, which is skedded for release later this year. Initial also acted as the international distributor on Intermedia`s "Laws of Attraction," being released domestically by New Line. Intermedia`s "Alexander," directed by Oliver Stone, stars Colin Farrell and will be released domestically by Warner Bros. Pictures.
HOLLYWOOD REPORTER
March 19, 2004
Initial, Intermedia in split-up By Liza Foreman
Ending a two-year liaison, Initial Entertainment Group and Intermedia are parting ways. Initial partners Graham King and Colin Cotter are buying back 100% of Initial through an investment vehicle, Parliament Pictures. The deal, according to Intermedia boss Moritz Borman, will have a long-term positive impact of at least ¤32 million ($39.6 million) for Intermedia. In a conference call Thursday, both parties stressed that the buyout came about because of changes in market conditions, saying the split was amicable. "We are just separating companies," Borman said. "When we did the Initial deal, it was great to have two labels. But that was then and this is now. At that time Graham was mainly selling and was just moving into production. Now we are both producing two of the biggest indie films on the market (Intermedia`s `Alexander` and Initial`s `The Aviator`). Initial is not just a foreign sales company anymore. And we have meanwhile done our deal with Summit (to handle international sales)." Both parties plan to continue with the financing, production, acquisition and distribution of motion pictures for the global market place. Limited fallout is expected from the split because of the arm`s-length nature of the two companies` existing relationship, which saw Intermedia provide overhead for the otherwise autonomous Initial. Initial retains its bank financing facility and did not want to disclose details of other financing arrangements surrounding the new deal. "This move makes a lot of sense in today`s climate," King said. "It`s certainly a good deal for us, and it saves Intermedia a lot of money. Both companies are moving forward in parallel but are now responsible for their own destinies." Intermedia will retain a profit participation in Initial films that resulted from the earlier partnership. In 2002, when Intermedia originally acquired Initial, Intermedia was riding high on the back of a major influx of stock financing raised on Germany`s now-defunct Neuer Markt exchange. The company struck up nearly a dozen producer deals and was at one point one of the biggest providers of product to the studios. Since then, Intermedia has morphed constantly as the company founders Nigel Sinclair and Guy East segued into a production deal through their Spitfire banner, and then Intermedia struck a joint venture with Summit Entertainment after a proposed merger with Spyglass fell apart. Intermedia currently is focusing on the Oliver Stone epic "Alexander," starring Colin Farrell, Angelina Jolie and Anthony Hopkins and to be released through Warner Bros. Pictures. Initial is in postproduction on Martin Scorsese`s Leonardo DiCaprio starrer "The Aviator," which also will be released by Warners. The company also has an in-house deal with DiCaprio`s production company, Appian Way. Additionally, Initial is in postproduction on Rebecca Miller`s "The Rose and the Snake," starring Daniel Day Lewis, and Lasse Hallstrom`s "An Unfinished Life," starring Robert Redford. Initial also is handling international distribution on Intermedia`s "Laws of Attraction," which will be released domestically by New Line Cinema.
SCREEN DAILY
19 March 2004
Initial, Intermedia part ways after two-year marriage Jeremy Kay in Los Angeles Initial Entertainment Group and Intermedia are finally parting company following an agreement whereby Initial president Graham King and partner and chief operating officer Colin Cotter will acquire Initial from Intermedia through their investment company Parliament Pictures. As a result of the amicable deal Initial will no longer be an Intermedia subsidiary. Both Initial under King and Cotter and Intermedia under chairman Moritz Borman will continue to finance, produce, acquire and distribute films worldwide. "When Graham and Colin made us an offer that would be financially beneficial to both companies we discussed it, worked out the details and made the deal," Borman said in a statement. "Intermedia and Initial had a great run together and we will work together on future projects." "Moritz and Intermedia were terrific in making this work," King added. "This transaction sets us up as our own bosses again and both sides come out winners. Working within the Internationalmedia Group has been great and we`ll team up on other projects as we go forward." Intermedia`s parent IM Internationalmedia AG purchased 100% of Initial in January 2002 and subsequently transferred its interest to Intermedia. In its nine years of operation Initial has acquired, produced or co-produced around 35 films for distribution including Traffic, Gangs Of New York and Ali. Most recently it produced Martin Scorsese`s upcoming Howard Hughes epic The Aviator starring Leonardo DiCaprio. The company is in post-production on Rebecca Miller`s The Rose And The Snake starring Daniel Day Lewis and Lasse Hallstrom`s An Unfinished Life, which stars Jennifer Lopez and Robert Redford. Intermedia`s production credits includes Terminator 3: Rise Of The Machines and upcoming releases such as Oliver Stone`s Alexander starring Colin Farrell, Angelina Jolie and Anthony Hopkins and Renny Harlin`s Mindhunters, which stars James Todd Smith (aka LL Cool J) and Christian Slater. For Intermedia, the deal means that the company will save a significant amount of money that would have become due to Initial in the near future. Intermedia will also experience a major reduction in overhead and development costs as well as a major reduction in its liabilities. For King and Cotter, who have been pursuing their freedom from Intermedia for some time, the independence means that they can pursue a new path of growth for Initial while maintaining certain Initial library titles. Ironically Intermedia and Initial will be competing with each other during this year`s awards season. Alexander and The Aviator are considered two of the biggest - and most expensive - contenders for awards at year-end.
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