MADRID — Spanish conglom Sogecable has doubled the share capital of its film and TV distribution subsid Sogepaq to Pta3 billion ($18.5 million).
One of Spain’s top indie pic distribbers, Sogepaq withdrew from distribution in 1997, owing to its inability to clinch free TV sales in Spain on its film pickups.
But with free TV sales easing and Sogecable able to dedicate more energy and finance to pic distribution as its satcaster CanalSatelite Digital (CSD) notched up healthy sub rates, Sogepaq bounced back strongly in 1999. It acquired “When the Sky Falls,” the Kim Basinger starrer “Bless the Child” and “What Women Want,” all from Icon Entertainment Intl.
At the Mipcom TV market in October, Sogepaq announced the creation of a joint venture with Canal Plus Image to acquire big-budget movies for Spain and Portugal. The venture’s first pickup was DreamWorks’ “Chicken Run.”