Just recently, AMC and Regal were among the chains that said they would not give screens to films that DirectTV wants to show on VOD four to six weeks after theatrical release. This venture gives the chains a little opportunity to push back: When those same studios supply stinkers that barely pack theaters or after their big films are mostly played out and hanging on to squeeze out those final drops of theatrical revenue, AMC and Regal can conceivably allocate screens to its own product. Theater chains like AMC and Regal have railed as big studios continue to shrink theatrical windows on their event films. (Regal is slightly larger) and between them are responsible for about 31% of the theaters in the U.S., doing about 45% of weekly business. What’s unusual here is that two theater chains are behind what Ortenberg termed a “straight content play.” The two entities control between 5,000 and 6,000 venues each in the U.S. Open Road joins a crowding field of companies targeting wide-release finished films. The move had been expected since the Sundance Film Festival in January. “Once we’re up and running, we will be distributing 8 to 10 films per year, and possibly more,” Ortenberg said. He expects to have three pictures out starting this fall. Distribution veteran Tom Ortenberg will run the company. Raven separately acquired the 400+ title Exclusive Media Group library with Andrea Iervolino and Lady Monika Bacardi’s AMBI Distribution in 2015.The country’s two largest theatrical exhibition chains, AMC and Regal, this morning officially launched Open Road, a venture that will acquire and distribute films that can play in wide release on about 2000 screens. Raven and Sculptor, in partnership with Zero Gravity Management, recently completed production on the Rob Lorenz-directed The Marksman, also starring Neeson. There is room for growth here as Raven is well capitalized and has its own activity in the development, production and financing of features and television that can help fill out a release slate. We will continue the Open Road tradition of quality, commercially viable motion pictures and I look forward to many successes together.” Said Ortenberg: “It’s an honor and pleasure to be working with James and everyone at Raven to relaunch Open Road Films. We’re happy to be in business with Tom, someone I deeply respect and whose experience will be invaluable.” In doing so, we are well positioned to manage through uncertain times. Across all industries, Raven has built its platform brick by brick with a focus on sustainability over scalability. It has and will continue to create unique challenges, but the cinematic experience is not going away, and challenges create opportunity. We’re not naïve to the impact of the COVID-19 pandemic. “It is a natural extension of the single picture and post theatrical distribution capabilities that we’ve been building out for the better part of a decade. “Theatrical distribution has been in the works for us for a while,” said James Masciello. Raven will also ramp up its development, production and financing of features and television through its association and financing of Sculptor Media. Ortenberg will oversee theatrical release campaigns, ranging from wide screen openings to small and mid-range films. The reconstituted Open Road is now ready for its close-up, again. Global Road Entertainment fell into Chapter 11, and the asset was purchased in 2018 by Raven Capital Management for $90 million, including 45 library titles highlighted by Spotlight. The acquisition that hurt most included Hotel Artemis, a pricey acquisition that failed to perform despite a large P&A commitment. Tang built a pricey infrastructure before having the funding in place, and Global Road cratered. Ortenberg didn’t like the fit and exercised an option to leave and he started Briarcliff. Ortenberg left in 2017 after the theater chains sold the company to Tang Media Partners and mashed that company and IM Global into Global Road. The distributor will get up and running with the Mark Williams-directed action/thriller Honest Thief, starring Liam Neeson, opening the theaters nationwide later this summer. Briarcliff Entertainment Drops Trailer For Betsy West-Julie Cohen Documentary 'Gabby Giffords Won't Back Down' - Update
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |