U.K. indie Metrodome Distribution has raised $3.8 million through a stock market placing and the conversion of a loan from parent company TV-Loonland.
Coin will help bankroll CEO Peter Urie’s strategy for the long-term growth of Metrodome. In a statement, Metrodome signaled its intention to “shift from the high-risk and short-term approach adopted by previous management in favor of a longer-term, more balanced portfolio-oriented business that can produce consistent growth.”
The strategic shakeup will see the theatrical division focusing more on the release of high-quality arthouse films and on co-producing and pre-buying pics. Company will also boost activity in the homevid sector with the launch of labels for mainstream and children’s films.
“Over the past 12 months, we have completed both a strategic review and corporate restructuring, which has included the strengthening of our management team,” Urie said.
“With that in place, and following the fund-raising and loan conversion, the company’s financial and operational position is significantly stronger.
“We are well positioned to grow the company both organically and through strategic relationships, as well as exploring opportunities in the acquisition of pan-European rights through syndication relationships.”
Metrodome’s theatrical release slate includes Rachid Bouchareb’s controversial WWII pic “Days of Glory” (set for release March 30), which did boffo biz in its opening frame in France last weekend, and Sarah Polley’s directorial debut “Away From Her” (set to go out April 27). Metrodome also will release Lukas Moodysson’s experimental “Container” and French psychological horror “Them.”