Millennium Entertainment’s catalog and distribution platform has been sold to the company’s current management team and private investment firm Virgo Investment Group.
The company’s leadership will remain in place with Bill Lee staying on as CEO, but Millennium will be renamed. There will be no layoffs involving its 70 employees.
Millennium Entertainment was sold by majority investor Nu Image, along with White Horse Pictures’ principals Nigel Sinclair and Guy East and Prentice Capital. Nu Image retains the Millennium brand, which will now be associated solely with its other subsidiary, Millennium Films.
“This transaction creates new opportunities to further establish the company as a leading, independent distribution platform for high quality content, with a customer-centric and content curation focus,” Lee said in a statement. “I am pleased to invest my own capital alongside Virgo and am confident that Virgo’s values, ideas and resources will enable us to fully realize our business aspirations of building broader relationships with producers, talent and customers.”
A deal has been in the works for some time. Nu Image’s chief Avi Lerner began shopping the distribution shingle in April 2013. No price was disclosed for the sale this week, but at the time Lerner began searcher for a buyer, sources told Variety he hoped to get between $60 million to $75 million.
Stephen Prough of Salem Partners advised Millennium Entertainment in the transaction and Dan Rowe of Sword, Rowe & Company advised Virgo Investment Group. Schuyler Moore of Stroock was legal counsel for Virgo.
Millennium Entertainment has distributed over 300 feature films in its four year history. Upcoming films include Matthew Weiner’s (“Mad Men”) “Are You Here” starring Owen Wilson, Zach Galifianakis and Amy Poehler.