Palm Pictures Secures Funding Anchored by Investment From Grupo Santo Domingo; Avalon Capital Group Increases Its Stake By Investing Additional Funds.Business & Entertainment Editors NEW YORK--(BUSINESS WIRE)--Sept. 17, 2002 New Capital Will Accelerate Growth of the Innovative Entertainment Company Palm Pictures today announced that it has secured new funding. The round is anchored by a significant investment from Grupo Santo Domingo Santo Domingo, pueblo, United States Santo Domingo (sän'tə dəmĭng`gō), pueblo (1990 pop. 2,866), Sandoval co., N central N.Mex., on the Rio Grande; founded c.1700 after earlier pueblos were destroyed by floods. and also includes additional funding from long-time Palm Pictures investor Avalon Capital Group. Grupo Santo Domingo is a broadly diversified Latin American company with assets in broadcast television, radio and print media. Avalon Capital Group is the equity investment vehicle for Ted Waitt Theodore "Ted" Waitt (born January 18, 1963) is an American billionaire who was a co-founder of Gateway, Inc. Biography Waitt was born and raised in Sioux City, Iowa and attended the University of Iowa. , Founder, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Gateway Inc. The new capital will be used to accelerate the growth of Palm Pictures, one of the leading innovators in the entertainment industry. The Company is focused on using new technology platforms to bring consumers its unique mix of forward-looking entertainment from around the world. Chris Blackwell Chris Blackwell (born June 22, 1937) is the founder of Island Records. Born in London to an Irish father and a Costa Rican-born Sephardic Jewish mother, Blackwell spent his childhood in Jamaica. He was sent to England to continue his education. , Palm Pictures Founder, CEO and Chairman said: "Palm Pictures business model is based on introducing our audience to a new generation of digital storytellers, who use the full spectrum of current technology in their creation of cutting-edge images and music." Blackwell continued, "We are committed to cultivating projects that push the bounds of audio visual entertainment and the DVD format See VOB and DVD. , such as world collaborative projects like 1 Giant Leap - giving new talent the freedom and space they need to grow and create truly unique works. We are thrilled that the Santo Domingo Group and Avalon recognize what we are doing is valuable and that they share our vision for Palm Pictures and the future of entertainment." Julio Mario Santo Domingo Julio Mario Santo Domingo (b. 1924) is a Colombian (born in Panamá, but his family is originally from Barranquilla, Colombia [1]) businessman, listed by Forbes magazine as one of the wealthiest men in his country, with a fortune of 7 billion US dollars [2]. , Chairman of Grupo Santo Domingo, said: "Grupo Santo Domingo prides itself in identifying outstanding investment opportunities such as Palm Pictures. In a relatively short period of time, Chris Blackwell has built a strong foundation for the Company and established a clear vision for the future. It is run by innovators in its sector and is blazing a new trail for entertainment. Palm Pictures is setting a new standard for entertainment companies by focusing on emerging technologies that enhance storytelling, while identifying and developing one-of-a-kind artists and creators around the world. We are thrilled to be a part of this thriving business and we look forward to a long and successful working relationship with Palm going forward." Since it was founded over 112 years ago, Grupo Santo Domingo has grown into one of Latin America's largest and most successful family-owned conglomerates. The Company has a broad spectrum of international investments, including broadcast television, radio, and print media. In Colombia, they own and operate Caracol TV Caracol Televisión (Acronym: Cadena Radial Colombiana - Televisión) is a Colombian private national television network, owned by Julio Mario Santo Domingo. and Radio - the country's Number 1 TV and radio network; the daily newspaper, El Espectador; and Cromos - an entertainment magazine company. The Company also has interests in DirecTV Colombia; TV Cable - the only cable TV franchise in Bogota; and BellSouth Colombia - Colombia's largest cellular operator. Additionally, Grupo Santo Domingo has significant investments in beverage businesses throughout the Americas, as well as investments in the automotive, aviation, real estate, retailing, packaging, and oil and gas sectors. Palm Pictures was advised in the transaction with Grupo Santo Domingo by the investment banking firm of Violy, Byorum & Partners. About Palm Pictures Palm Pictures (http://www.palmpictures.com) is an integrated audio/visual entertainment company that develops, produces and acquires the best in music, film, videos, animation and visual art for distribution across multiple platforms. Founded in 1998 by entertainment visionary Chris Blackwell, Palm is one of the most forward-thinking entertainment companies in the industry today. The Company focuses on the DVD format and new digital technologies for music and video production and distribution -- providing consumers with groundbreaking new entertainment experiences. Palm Pictures is comprised of an array of audio, visual and media businesses that complement each other and provide some of the most compelling entertainment offerings on the market. Palm's audio/music properties include: music labels/imprints like Palm, Axiom, Quango, and Gobstopper Gobstoppers, known as jawbreakers in the United States, are a type of hard candy. They are usually round, usually range from about 1 cm across to 3 cm across (though much bigger gobstoppers were once widely available) and are traditionally very hard. , as well as Palm Music Publishing The contractual relationship between a songwriter or music composer and a music publisher, whereby the writer assigns part or all of his or her music copyrights to the publisher in exchange for the publisher's commercial exploitation of the music. . Palm's visual properties include: Palm Pictures DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. , Palm Pictures Film & Television, and Manga maNga is a popular Turkish nu metal/rapcore band. Their music is mainly a fusion of alternative metal and hip hop music, with a touch of Anatolian melodies; with heavy use of turntables, invoking comparisons with modern American nu metal bands. Entertainment, the leading Japanese anime brand in the world. Palm's media properties are incorporated under RES Media Group, which produces RESFEST -- the international digital media event, publishes RES Magazine, and operates online sites including, sputnik Sputnik: see satellite, artificial; space exploration. Sputnik Any of a series of Earth-orbiting spacecraft whose launching by the Soviet Union inaugurated the space age. 7.com, epitonic.com and res.com. Palm is now home to artists like Zero 7, Cousteau, Supreme Beings of Leisure, Local H, Nortec Collective, The Mad Capsule Markets and 1 Giant Leap. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion