Welcome!

News Feed Item

Virgo Investment Group Partners With Management To Acquire The Catalog Assets And Distribution Business Of Millennium Entertainment

Millennium Entertainment's CEO Bill Lee and the current management team will continue to oversee operations

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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
Regardless of what business you’re in, it’s increasingly a software-driven business. Consumers’ rising expectations for connected digital and physical experiences are driving what some are calling the "Customer Experience Challenge.” In his session at @DevOpsSummit at 20th Cloud Expo, Marco Morales, Director of Global Solutions at CollabNet, will discuss how organizations are increasingly adopting a discipline of Value Stream Mapping to ensure that the software they are producing is poised to o...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that EARP Integration 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. EARP Integration is a passionate software house. Since its inception in 2009 the company successfully delivers smart solutions for cities and factories that start their digital transformation. EARP provides bespoke solutions like, for example, advanced enterprise portals, business intelligence systems an...
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, 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. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
SYS-CON Events announced today that Progress, a global leader in application development, 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. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
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...
When NSA's digital armory was leaked, it was only a matter of time before the code was morphed into a ransom seeking worm. This talk, designed for C-level attendees, demonstrates a Live Hack of a virtual environment to show the ease in which any average user can leverage these tools and infiltrate their network environment. This session will include an overview of the Shadbrokers NSA leak situation.