Palm Pix opening to technology

Cyberbiz Brief

Music and film distrib Palm Pictures said it has secured additional financing from longtime investor Avalon Capital Group and from Latin American media conglom Grupo Santo Domingo. Palm declined to specify Grupo’s investment but called it “significant.”

The money will be used to finance Palm’s expansion into new technology platforms such as DVD. It has heavily invested in projects such as “1 Giant Leap,” a recently released feature-length work featuring musicians from around the world interspersed with political observations. Palm was founded by Chris Blackwell, who first made a name as founder of Island Records.

Grupo Santo Domingo is a century-old diversified media company with holdings in Colombia’s biggest newspaper, TV station, radio station, DirecTV Co-lombia, cable TV and cellular phones, among other wide-ranging investments. Avalon is an investment vehicle for Ted Waitt, the chairman and CEO of computer maker Gateway, who also has other Hollywood investments.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Scene News from Variety