Along with Credit Lyonnais, Canal Plus is joining the French retreat from its Hollywood Waterloo. Canal Plus chairman Pierre Lescure and two representatives of the French pay TV giant, a major investor in Carolco Pictures, resigned from Carolco’s board of directors on March 10. Their resignations came in the wake of Carolco losses that took a $24 million bite from the French conglom’s 1994 bottom line.
Carolco said in a statement that the resignations of Richard Garzilli, Michael Meltzer and Lescure came as a result of the French pay TV giant’s decision “not to make any additional contributions to the debt or equity of Carolco.”
Canal Plus, through its affiliate Cinepole Prods. B.V., held a 17% share in the big-budget indie film company headed by Mario Kassar. who was executives producer of “Stargate,” the picture bankrolled by Canal Plus that, while a surprise hit, may cause Canal Plus as much as $7 million in red ink.