Atlas Entertainment/Gold Miller/Third Rail has announced some good news about a capital infusion from new equity partners and even happier news for journalists in the form of a name change for the media group.
Now operating under the simpler moniker of Mosaic Media Group, the L.A.-based company unveiled a new investment by Capital Communications CDPQ, a Montreal-based North American subsid of European money manager Caisse de depot et placement.
“This partnership with Capital Communications brings to fruition the vision shared from the outset by all of the Mosaic partners when we merged our companies,” Mosaic president Allen Shapiro said of the unspecified minority stake taken by Capital. “They share our vision, and together we will bring unique and valuable entertainment content to the global pipeline.”
Capital president Pierre Belanger said, “We wanted to find a group of people who want to build something.” He declined to characterize the size of Capital’s investment, citing sensitive acquisition talks by Mosaic, but he indicated the initial amount could increase over time to “hundreds of millions of dollars.”
Mosaic operations include the former Atlas Entertainment, which has an output deal with MGM but is also an equity partner on pics it makes with the Lion.
That unit’s next project at the Santa Monica-based studio is an update of futuristic actioner “Rollerball,” set for release in 2001, and another MGM project involves a film adaptation of the comicbook franchise “Rising Star.” Mosaic is also developing an adaptation of the “Scooby Doo” cartoon for Warner Bros., and past Atlas productions include “Scary Movie” for Dimension/Miramax.
The group also features the former Gold-Miller Management and Atlas-Third Rail Management, with artists under management including actor Jim Carrey, singer Alanis Morissette and TV writer-producer Judd Apatow. Mosaic also co-owns Third Rail Records with Disney’s Hollywood Records.
Gold-Miller’s Eric Gold said he is especially eager to use the new cash infusion to continue expanding into the “ethnic” market in film, music and the Web: Company manages Marlan Wayans, among other minority talents.
Though terms of the transaction weren’t revealed, the investment will be used for “strategic expansion” and acquisitions, said producer Charles Roven, one of the founding partners.
Belanger said Capital wants to invest a significant portion of its $3 billion in managed funds in entertainment, as Internet and other new distribution platforms will make content plays increasing lucrative.