Konzack quits Internationalmedia

Departure follows loss of 'Power'

BERLIN — The executive shuffle continues at Internationalmedia, where Sascha Konzack has ankled as chief financial officer.

Move comes one week after Martin Schuermann stepped down as head of the group’s L.A.-based subsidiary Intermedia Film Equities USA.

Internationalmedia said Konzack resigned due to personal reasons “after setting the course for the possibility of a new beginning of the company,” adding that he would temporarily continue to support the group and its new CEO Konstantin Thoeren so that the company’s upcoming reporting and disclosure requirements could be properly met.

Konzack had been at Internationalmedia since 2004 and headed the company after Schuermann ankled as Internationalmedia’s CEO in July. Schuermann remained chief exec of Intermedia Film Equities but stepped down from that post last week after being suspended in September following the cancellation of Jan de Bont’s “Stopping Power.”

Thoeren, who took the reins at the company last month, is looking to shift Internationalmedia’s focus toward production of its own developed projects, and feature and TV productions from third parties, while working with outside partners to handle financing and sales.

Company has formed a partnership with L.A.-based R Media Acquisitions to handle joint productions, including “Stopping Power,” which R Media bailed out.

Internationalmedia shares climbed 1.3% to 11¢ on Thursday; company has seen its stock plummet 87% since its year high in February, when shares traded at 86¢.

Last week, the group posted a nine-month net loss of $18.7 million. Much of that deficit was attributable to the collapse of “Stopping Power,” which cost Internationalmedia $11.5 million.

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:

WordPress.com Logo

You are commenting using your WordPress.com 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 Film News from Variety