Studio closes deal for minority share
Lionsgate has closed a deal to purchase a minority ownership stake in indie distributor Roadside Attractions.“With Lionsgate’s investment in Roadside Attractions, we are celebrating Lionsgate’s origins as a platform for distinctive and truly independent films,” said Lionsgate prexy Tom Ortenberg. “The Roadside team has consistently shown taste and savvy in distributing pictures like ‘Amazing Grace,’ ‘Ladies in Lavender’ and ‘Super Size Me.'” The deal’s been in the works for several months in the wake Roadside exiting its partnership with IDP earlier this year. In its announcement Thursday, Lionsgate said its investment is passive and Roadside will remain autonomous with 12 to 14 releases annually. Under the deal, Roadside theatrical releases will be distributed through Lionsgate in home entertainment and all ancillary markets. “Amazing Grace,” directed by Michael Apted, has been Roadside’s biggest grosser with domestic box office over $21 million. Roadside toppers Howard Cohen and Eric d’Arbeloff said the deal provides the four-year-old company with the resources to get to the next level. “Lionsgate’s investment will allow Roadside to both continue hitting our “singles and doubles” such as our releases of ‘Sarah Silverman: Jesus Is Magic’ and ‘Boynton Beach Club’ as well as to hit more homeruns like ‘Amazing Grace.'”
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