BERLIN — German licensing company Splendid Medien has agreed to a capital increase of 10 million euro ($8.9 million), placing the shares with New York investment group GEM Global Yield Fund.
Splendid Medien says it will use the cash to invest in new projects. Company recently co-produced “Traffic.”
Splendid is one of several Neuer Markt film players that have opted to sell stakes to investors in recent months when market conditions made raising fresh equity on the stock markets difficult.
Both Kinowelt Medien and Advanced Medien have sold stakes to investment groups. More companies are expected to follow. Splendid’s shares closed the day down 8.5% at $6.26.