Duo to take advantage of film distribution rights
London and L.A.-based Stealth Media Group and international film financier Premiere Picture have launched joint venture Premiere Stealth Rights to take advantage of film distribution rights.The initiative is presently an $8 million fund which is growing — it is expected to double in the next quarter of the year — for acquiring film distribution rights. Fund aims to help Stealth focus on building assets and trade in licensing and will look to set up alliances with distribs. It will also co-buy with other partners. Stealth will be repping Premiere Pictures’ film equity funds, the $32 million MediaPro fund and sovereign funds looking for equity investments in film and the discounting of tax credits and distribution agreements. The two outfits most recently joined forces pre-Mipcom, where they launched a joint venture $40 million TV and film finance fund, Premiere Stealth Securities, from private equity funds. Premiere Pictures has been involved in the financing of Demi Moore starrer “The Joneses,” John Carpenter’s “The Ward,” “Dreamer,” starring Kurt Russell and Dakota Fanning, “Death Sentence” and Stephen Woolley’s “Perrier’s Bounty.” Stealth Media Group was formed in February 2009 by distribution and sales specialist Sean O’Kelly (founder of Go For It Entertainment) and Michael L. Cowan of Spice Factory.