David Bergstein, co-head of the Capco Group, backed by a group of investors, has taken control of troubled German producer-distrib Internationalmedia, parent of L.A.-based Intermedia.
Capco acquired Internationalmedia’s foreign sales company IM Global in October.
Bergstein and his investment partners purchased a 57% stake in Internationalmedia for E6.9 million ($10.2 million) following their acquisition last month of 45,000 warrant bond notes for some $1.3 million.
Internationalmedia on Thursday said CEO-chairman Konstantin Thoeren, who took the reins in October, and former finance chief Sascha Konzack had been negotiating the deal since the company shut down Jan de Bont’s “Stopping Power” in September.
The shuttering cost Internationalmedia $11.5 million and accounted for much of the group’s $18.7 million net loss in the first nine months of the year.
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Internationalmedia described Bergstein’s takeover as a “new beginning.”
Capco, which is co-headed by Ron Tutor, also owns ThinkFilm, Image Entertainment and the U.K.’s Capitol Films.
The takeover of Internationalmedia furthers Bergstein’s aim of creating a worldwide distribution company.
Internationalmedia’s recent moves had left it all but hardwired to Capco and a natural fit for Bergstein’s operations: in addition to the sale of IM Global to Capco, International had a deal with Capitol to oversee sales and distribution of its film library titles.
Internationalmedia has been rudderless since the German government stamped out tax-shelter film funds in 2005. The popular investment schemes financed some of Intermedia’s biggest productions, including “Terminator 3: Rise of the Machines,” “Alexander” and “Aviator.”
Company has since focused on smaller, less costly productions. Its latest releases include Richard Shepard’s “The Hunting Party,” starring Richard Gere, and Andrew O’Conner’s low-budget British comedy “Musicians.”