Music and film distrib Palm Pictures said it has secured additional financing from longtime investor Avalon Capital Group and from Latin American media conglom Grupo Santo Domingo. Palm declined to specify Grupo’s investment but called it “significant.”
The money will be used to finance Palm’s expansion into new technology platforms such as DVD. It has heavily invested in projects such as “1 Giant Leap,” a recently released feature-length work featuring musicians from around the world interspersed with political observations. Palm was founded by Chris Blackwell, who first made a name as founder of Island Records.
Grupo Santo Domingo is a century-old diversified media company with holdings in Colombia’s biggest newspaper, TV station, radio station, DirecTV Co-lombia, cable TV and cellular phones, among other wide-ranging investments. Avalon is an investment vehicle for Ted Waitt, the chairman and CEO of computer maker Gateway, who also has other Hollywood investments.