Showtime Networks announces seven-year licensing deal with Phoenix Pictures; SHOWTIME to acquire 11% equity interest in Feature Film Production Company.
LOS ANGELES--(BUSINESS WIRE)--March 5, 1996--Showtime Networks Inc. (SNI (1) (Subscriber Network Interface) The point of interface between the customer's equipment (CPE) and a communications service from a common carrier.
(2) (SNA Network I ), a unit of Viacom Inc., and Phoenix Pictures have entered into an agreement under which SNI has agreed to acquire the exclusive U.S. premium television rights to up to 40 films over a seven-year period.
The deal will include Phoenix Pictures' theatrically released titles from Jan. 1, 1996 through Dec. 31, 2002. SNI has also agreed to acquire approximately 11% of the equity of the company, marking the first time that the network has made an equity stake in a feature film production company of this caliber. The effectiveness of both the licensing agreement and the equity investment is subject to Phoenix successfully closing its financing arrangement with Chemical Bank. Phoenix is currently producing Barbra Streisand's "The Mirror Has Two Faces."
This partnership was successfully negotiated between Showtime Networks Inc.'s President and Chief Executive Officer Matthew C. Blank, President of Programming Jerry Offsay and Senior Vice President, Program Acquisitions and Planning Matthew Duda with Phoenix Pictures Chairman and Chief Executive Officer Mike Medavoy and President and Chief Operating Officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Arnie Messer.
In making the announcement, Medavoy stated, "We are extremely pleased about our arrangement with Showtime because it means that we are working with some very talented executives. I have known and respected Sumner Redstone Sumner Murray Redstone (born Sumner Murray Rothstein on May 27 1923 in Boston, Massachusetts) is majority owner and Chairman of the Board of the National Amusements theater chain. Through National Amusements, he is majority owner of Midway Games, Viacom and CBS Corporation. for over 20 years. And I am confident that this arrangement can only enhance the profitability of both companies."
Blank stated, "We are excited about this deal with Phoenix Pictures and look forward to a line-up of quality feature films to complement our strong roster of theatrical and original product. By taking an equity stake, Showtime Networks demonstrates its confidence in the success of this venture. I have enjoyed a long personal relationship with Mike, and I am confident that his established track record with such hits as SLEEPLESS IN SEATTLE, PHILADELPHIA, DANCES WITH WOLVES and SILENCE OF THE LAMBS will help SHOWTIME further distinguish its exclusive slate of theatrical product."
Showtime Networks Inc. is also entitled to two seats on the Phoenix Pictures' Board of Directors which will be held by Matthew C. Blank and Jerry Offsay. The board currently includes SPE's Ken Lemberger, Alan Levine Alan Brian Levine, also known as "Al" (born May 22, 1968, in Park Ridge, Illinois), is an American major league baseball relief pitcher. Early life
Levine graduated from Hoffman Estates High School and Southern Illinois University. and Fred Bernstein; Onex's Gerald Schwartz and Eric Rosen Eric S. Rosen is a Kansas Supreme Court Justice appointed by Governor Kathleen Sebelius in 2005. Personal life
Eric S. Rosen was born May 25, 1953 in Topeka, Kansas. He earned his Bachelors and a Masters Degree with honors at the University of Kansas and his J.D. ; Pearson's Greg Dyke Gregory Dyke (born 20 May 1947) is a journalist and broadcaster. He was Director-General of the BBC from January 2000 until 29 January 2004 when he resigned following heavy criticism of the BBC's news reporting process in the Hutton Inquiry. , Anthony DelTufo and James Bennett
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Phoenix Pictures is a fully independent, creatively autonomous production company owned by its management and its principal investors. Showtime Networks joins Sony Pictures, Britain's Pearson Television, Onex Corp. and others as Phoenix's equity partners. In addition to its equity base, Phoenix Pictures also is financed by direct investment in its pictures by Sony, Canal Plus and an insured bank facility, of which Chemical Bank is its agent.
This new long-term relationship with Phoenix Pictures further complements the exclusive line-up of theatrical films to be seen on SNI's services. SNI also presents exclusive hits from studios including Disney's Touchstone/Hollywood Pictures, PolyGram, MGM MGM
in full Metro-Goldwyn-Mayer, Inc.
U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. , TriStar Pictures
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Showtime Networks Inc. (SNI), a unit of Blockbuster Entertainment Group which is wholly owned and operated by Viacom Inc., owns the premium television networks SHOWTIME, THE MOVIE CHANNEL and FLIX as well as Showtime Satellite Networks, and manages, through a joint venture, All News Channel. SHOWTIME en Espanol, a separate audio feed of SHOWTIME, is also available for the Spanish-speaking audience. -0- http://showtimeonline.com
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