ots Ad hoc-Service: splendid medien AG <DE0007279507> Splendid Medien AG to film with Catherine Zeta-Jones
Position in global film business strengthened
film budgets of up to USD 50 million
Cologne/Los Angeles (ots Ad hoc-Service) -
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Splendid Medien AG, Cologne, and its subsidiary Initial Entertainment Group (IEG), Los Angeles, have signed a deal with the production shingle of Hollywood star Catherine Zeta-Jones - Zeta-Films, Los Angeles. In the two years covered by the agreement, Splendid/IEG will co-produce between two and eight top-notch pics each year with budgets ranging between USD 5 and 50 million. Splendid/IEG retain all rights and will handle world-wide marketing of the films.
Andreas Klein, CEO of Splendid, has this to say about the deal: "This is the first time that we have entered into a long-term arrangement with a world star. It will enable us to create further top-notch movies for the world market and will provide Splendid with additional potential world-wide earnings." Catherine Zeta-Jones, who became engaged to Michael Douglas in December, has starred in various successful movies in recent years. She is very positive for future work with Splendid/IEG: "I respect the company's business acumen and creative potential, and look forward to being part of the team". Catherine Zeta- Jones will be very much involved in development of all projects and will herself appear in most of the productions.
This deal enables Splendid to continue to progress from being a film license dealer and become a major international co- producer and world-wide distributor of film rights. The company acquired a 49 percent stake in IEG in 1999, and intends to exercise its option for a further two percent this year. Splendid/IEG will handle co-production or co-financing of top- notch Hollywood movies, and will be responsible for world-wide marketing of such movies outside the USA. Splendid is thus the first listed German license dealer with a majority stake in a Hollywood production company.
The first joint project of Splendid/IEG, Robert Altmann's film "Dr.T. and the Women" starring Richard Gere, is currently being shot in the USA. Shooting of Martin Scorsese's "Gangs of New York" starring Leonardo DiCaprio is due to start in the spring of 2000. The film will be financed jointly by Splendid/IEG and Walt Disney; with a budget of USD 100 million, it will be the largest independent production in film history.
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