Cologne-based film studio Magic Media Company has found a new buyer in the Munich-based Deutsche Unternehmensbeteiligungen AG, or DUBAG.
Specializing in the takeover and repositioning of troubled enterprises, DUBAG will continue to operate MMC as a film studio and further develop the facility for television and film production.
MMC has hosted such recent international productions as Ron Howard’s “Rush,” Jim Jarmusch’s “Only Lovers Left Alive,” Sandra Nettelbeck’s “Mr. Morgan’s Last Love,” starring Michael Caine, and David Cronenberg’s “A Dangerous Method.”
MMC works closely with the Filmstiftung NRW in neighboring Dusseldorf, which reps the biggest regional subsidy org among Germany’s 16 federal states and the second largest in Europe.
The studio has in recent months undergone major structural changes, beefing up its main Coloneum facility, which boasts 19 soundstages on a lot spanning 515,091 square feet, while closing a second production site in another part of Cologne.
MMC had been on the block since February. The European Commission had pushed for state-owned bank Sparkasse Koeln-Bonn, MMC’s current owner, to sell the facility by the end of the year. DUBAG and Sparkasse, which inked the deal on Oct. 30, are keeping financial details of the agreement under wraps.
Established in 1991, MMC reported revenue of more than Euros 39 million ($50.6 million) last year.