|By PR Newswire||
|August 19, 2014 11:30 AM EDT||
LOS ANGELES, Aug. 19, 2014 /PRNewswire/ -- The management team of Millennium Entertainment, led by CEO Bill Lee, and Virgo Investment Group LLC ("Virgo"), a private investment firm, today announced a partnership to acquire the Millennium Entertainment catalog assets and film distribution platform from a consortium of investors including majority shareholder Nu Image, Inc. (led by Avi Lerner and Trevor Short), White Horse Pictures' principals Nigel Sinclair and Guy East and Prentice Capital. As a part of the transaction, the Company will undergo a name change and going forward the Millennium brand will be held solely by Nu Image's subsidiary Millennium Films. Millennium Films is not a part of this transaction.
Bill Lee will continue as the Company's CEO and all existing management are expected to remain in place. The Company and Virgo plan to grow the platform organically through investments in film content, expansion of the Company's distribution services business and select corporate acquisitions that complement the Company's core franchise.
Lee stated, "I'm proud of our team and thankful for our customers, clients, film production partners and bankers as we have grown the business over the last 3.5 years. This transaction creates new opportunities to further establish the Company as a leading, independent distribution platform for high quality content, with a customer-centric and content curation focus. I am pleased to invest my own capital alongside Virgo and am confident that Virgo's values, ideas and resources will enable us to fully realize our business aspirations of building broader relationships with producers, talent and customers."
"We share Bill's vision for the Company and its continued growth is our priority," said Mark Perez, Partner at Virgo Investment Group. "We believe the confluence of recent changes within the competitive landscape, expanding demand for new content, and the ongoing evolution of physical and digital consumption create an attractive market seam for innovative film distribution solutions. Consistent with our other asset-based investments in the media sector, we believe there is a unique opportunity to combine industry relationships and data analysis to drive enhanced returns on invested capital. The Company's existing catalog provides a solid foundation of cash flows for additional investment in the business, and we are excited to partner with Bill and his team to drive value through differentiated marketing and monetization of content assets."
Nu Image Chairman Lerner and COO Short said, "We're very pleased that Millennium Entertainment has reached this milestone. A lot of hard work from a dedicated team has built Millennium into a prominent player, which is thriving in a competitive market. As opportunities arise we hope to continue to supply movies for release through the Millennium pipeline we helped to create."
Stephen Prough of Salem Partners advised Millennium Entertainment in the transaction and Dan Rowe of Sword, Rowe & Company advised Virgo Investment Group. Schuyler Moore of Stroock was legal counsel for Virgo.
Millennium Entertainment has distributed over 300 feature films since its inception in November 2010 across the theatrical, digital, DVD, VOD and SVOD release windows. Currently the company is prepping the day-and-date release of Matthew Weiner's ("Mad Men") upcoming dramedy Are You Here starring Owen Wilson, Zach Galifianakis and Amy Poehler. Additionally, it is handling the ancillary release of the documentary James Cameron's DEEPSEA CHALLENGE 3D. The film opened in theaters nationwide Friday, August 8.
The Company recently handled the theatrical release of Persecuted, starring James Remar opening the film on 700+ screens on July 18 through a service deal; the day-and-date release of Killing Season, starring Robert De Niro and John Travolta which has generated $6 million on VOD platforms to date; and the traditional theatrical release of John Turturro's Fading Gigolo, co-starring Turturro, Woody Allen, Vanessa Paradis, Sharon Stone and Sofia Vergara, which has grossed to date nearly $4 million at the box office.
Additionally, the Company handled the traditional theatrical releases of the critically acclaimed What Maisie Knew from directors Scott McGehee and David Siegel, starring Julianne Moore, Alexander Skarsgard and Steve Coogan; Ariel Vromen's The Iceman, starring Michael Shannon, Winona Ryder and Chris Evans; and Richard Linklater's critically acclaimed comedy Bernie starring Jack Black, who earned Golden Globe and Independent Spirit Award nominations for his role in the film. The film also stars Shirley MacLaine and Matthew McConaughey, and earned over $9 million at the domestic box office.
ABOUT VIRGO INVESTMENT GROUP
Virgo is an opportunistic, value investor. Virgo invests in market dislocations and areas of corporate change targeting both less efficient market segments and identified themes (or "market seams") in the firm's core industries. A theme-based approach to idea generation, coupled with proactive sourcing, a flexible mandate and creative transaction structuring skills, allows the firm to create differentiated opportunities and optimize risk-adjusted returns across market investment cycles. Virgo is an actively engaged investor that seeks to contribute ideas and human capital to the harvesting of value post-investment and has a successful history of partnering with founder entrepreneurs and management teams, like the team at Millennium Entertainment, to support their growth initiatives.
Founded in 2009, Virgo has invested nearly $600 million, completing 34 investments to date.
ABOUT MILLENNIUM ENTERTAINMENT
Formed in 2010, Millennium Entertainment is a leading, independent distributor of feature films with high quality casts. Millennium has strong relationships with theatrical exhibitors including AMC, Regal and Landmark. The Company also works directly with all major retailers, home entertainment and digital platforms that deliver films to consumers including Walmart, Target (where it represents 75% of all independent product), iTunes, and Netflix as well as the VOD platforms of the major cable system operators. The Company also owns a catalog of 665 film titles. Millennium Entertainment will be changing its name as a result of this transaction.
CEO Bill Lee, who has led the Company since its inception, has more than 40 years' experience as a senior executive in the specialty retail and media sectors. Lee has a successful history leading teams in innovation and reinvention. Under Lee's leadership, Millennium Entertainment has successfully released a wide variety of films across all distribution platforms. Prior to joining Millennium, Lee held various executive positions at Mosaic Sales Solutions, The Children's Place, The Limited and Bloomingdales. Lee also served a short stint focused on reorganization strategies at Blockbuster initially as an operating partner on behalf of Prentice Capital.
SOURCE Millennium Entertainment
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
Feb. 21, 2017 03:15 PM EST Reads: 4,444
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Feb. 21, 2017 03:15 PM EST Reads: 713
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 21, 2017 03:00 PM EST Reads: 5,931
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, will discuss how to use Kubernetes to setup a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace....
Feb. 21, 2017 02:45 PM EST Reads: 2,448
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Feb. 21, 2017 02:30 PM EST Reads: 1,298
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 21, 2017 02:15 PM EST Reads: 434
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Feb. 21, 2017 01:45 PM EST Reads: 3,553
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Feb. 21, 2017 01:45 PM EST Reads: 457
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Feb. 21, 2017 01:30 PM EST Reads: 742
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Feb. 21, 2017 01:30 PM EST Reads: 1,070
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Feb. 21, 2017 01:15 PM EST Reads: 1,229
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Feb. 21, 2017 01:15 PM EST Reads: 1,395
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 21, 2017 01:15 PM EST Reads: 1,203
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Feb. 21, 2017 12:45 PM EST Reads: 771
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Feb. 21, 2017 12:45 PM EST Reads: 702