Financing to be used to build growth
Palm Pictures, which recently released the controversial arthouse hit “Sex and Lucia,” has secured a new round of funding anchored by Grupo Santo Domingo, with additional coin from longtime Palm Pictures investor Avalon Capital Group, the equity investment vehicle for Gateway founder, chairman and CEO Ted Waitt.
Capital will be used to accelerate the growth of Palm Pictures, which develops, produces and acquires music, film, videos, animation and visual art.
Founded more than a century ago, Grupo Santo Domingo is a diversified company based in Latin America with assets in broadcast television, radio and print media.
In Colombia, Grupo Santo Domingo owns and operates Caracol TV and Radio, daily newspaper El Espectador and entertainment magazine company Cromos. Company also has interests in DirecTV Colombia, TV Cable and BellSouth Colombia.
Grupo Santo Domingo also has investments in beverage businesses throughout the Americas, as well as the automotive, aviation, real estate, retailing, packaging, and oil and gas sectors.
Palm Pictures was founded in 1998 by Chris Blackwell and includes music labels and imprints Palm, Axiom, Quango and Gobstopper, as well as Palm Music Publishing. Palm visual properties include Palm Pictures DVD, Palm Pictures Film & Television and Japanese anime brand Manga Entertainment. Palm media properties are incorporated under RES Media Group, which produces Resfest, publishes RES magazine and operates online sites that include Sputnik7.com, Epitonic.com and Res.com.