REPUBLIC PICTURES AND RHI ENTERTAINMENT REACH AN AGREEMENT ON 'IT'S A WONDERFUL LIFE'
LOS ANGELES, Dec. 7 /PRNewswire/ -- Through an agreement reached today, RHI Entertainment Inc. ("RHI") and Republic Pictures Corp. ("Republic") have amicably settled a dispute regarding the continuing validity of a license under which RHI had distributed a colorized version of "It's A Wonderful Life," it was jointly announced by Robert Halmi Jr., president and chief executive officer of RHI and Russell Goldsmith, chairman and chief executive officer of Republic. Under the terms of the settlement, RHI and Republic have agreed to permit RHI's television and cable licensees to continue to have the right to air RHI's version of the film through Dec. 31, 1993. Relating to RHI's home video license, RHI has sent written notices terminating its exclusive home video agreements with Video Treasures (U.S.), Gaga (Japan) and Transvideo (Portugal). The parties have jointly agreed that all other terms of the settlement will remain confidential. Halmi stated, "I believe the settlement is fair. RHI has been proud to be involved with Frank Capra's enduring classic, and we wish our friends at Republic continued success with the film." Goldsmith commented, "We are very proud to be the exclusive distributor of this all-time classic motion picture." Republic Pictures Corp. is a producer and worldwide distributor of theatrical and television productions for its worldwide television, theatrical and home video distribution divisions. Republic is well known for its extensive library of classic films, such as "The Quiet Man" and "High Noon," its Emmy-winning series "Beauty and the Beast" and such other popular off-network series as "Bonanza." -0- 12/7/93 /CONTACT: Rachel McCallister of Rachel McCallister & Assoc., 213-939-5991/
CO: Republic Pictures Corp.; RHI Entertainment Inc. ST: California IN: ENT SU:
JB-MF -- LA030 -- 1386 12/07/93 15:25 EST
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|Date:||Dec 7, 1993|
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