COLOGNE — Splendid Medien intends to sell a stake in its U.S. production and distribution unit Splendid Pictures.
“We are in talks with investors and expect an agreement soon,” said Splendid Medien CEO Andreas Klein.
Splendid Pictures was founded in January 2002 by Splendid Medien and L.A.-based Cutting Edge entertainment. Recent productions include “Narc” and “The Devil and Daniel Webster.” It is prepping the “Agent Cody Banks” sequel.
Splendid Medien has an 80% stake in the unit, with the other 20% held by Cutting Edge’s David C. Glasser.
Cologne-based Splendid Medien was involved in financing “Gangs of New York” through Initial Entertainment Group.
Company was one of many media groups listed in Germany’s ill-fated Neuer Markt, which closed for good Wednesday after the transfer of the last company, cable provider PrimaCom, into the new Prime Standard market.