Triton Pictures announced Friday that it has broken off negotiations with French Hill Entertainment, which had proposed a stock swap acquisition of the indie distributor.
In February, French Hill had proposed acquiring Triton as a vehicle to get into the movie distribution and production business.
The N.Y.-based holding company, which owns the French Hill Modeling Agency, Century Film Studios and Keyboard Records, planned to finance six movies annually budgeted at $ 6 million to $ 12 million (Daily Variety, Feb. 4).
In a statement, Triton co-founders Jonathan Dana and Jeff Ivers said: “Our contract with French Hill called for a specific set of commitments from French Hill both financial and otherwise. These commitments were not met. We therefore terminated the agreement. Because of the obvious legal considerations, we are not able to discuss the matter in any further detail at this point, other than to say we are comfortable with our decision.”
Company sources said Dana and Ivers will investigate other options for Triton , including the possibility of alternative financing. Late in 1993, Triton said it would wind down theatrical distribution operations because “the realities of today’s marketplace require a level of resources greater than we currently have available to us.”