IEG holds allure for hungry Intermedia
Intermedia Films is close to a deal to acquire foreign sales and financing boutique Initial Entertainment.
Shingle is headed by CEO Graham King, who is expected to continue to operate IEG as an autonomous label within Intermedia.
King recently stepped down from the board of German film group Splendid Medien, which owns 49% of IEG.
Both Intermedia and Splendid are traded on Germany’s Neuer Markt.
Intermedia holds international rights on U’s “K-Pax,” which opened this weekend, as well as the upcoming Columbia pic “Adaptation” starring Nicolas Cage.
While many German film companies are reeling from stock market devaluation, Intermedia is still a dominant force, with a share price that has held up well under the strain of a shaky Neuer Markt.
IEG has made its name as backer of such films as Steven Soderbergh’s “Traffic” and Michael Mann’s upcoming “Ali.”