You will be redirected back to your article in seconds

Luc Besson’s EuropaCorp Sells French TV Production Unit for $13 Million

As it seeks to climb out of the red, Luc Besson’s EuropaCorp has sold its French TV production unit for 11 million euros ($13 million).

The business assets were acquired by Thomas Anargyros, who is the CEO of EuropaCorp Television. Anargyros has been heading EuropaCorp’s TV division since its launch in 2010, when his production banner, Cipango, was acquired by EuropaCorp. Anargyros had founded Cipango with Edouard de Vesinne, who became deputy CEO of EuropaCorp in 2016 and was ousted in September.

The sale of the French TV business fits into EuropaCorp’s scaled-back strategy to focus on fewer films and English-language series, as well as cut overhead. EuropaCorp said the sale will allow the company to reduce its overhead by about 2.5 million euros ($2.9 million) and 3 million euros ($3.5 million) per year.

A week ago, Marc Shmuger, who was hired on a renewable six-month contract in 2016, announced he would be stepping down as CEO of EuropaCorp at the end of the year. Besson will assume interim CEO responsibilities starting Jan. 1.

EuropaCorp is currently facing a large-scale financial crisis, intensified by the disappointing performance of sci-fi epic “Valerian and the City of a Thousand Planets,” along with a string of pricey English-language flops (notably “Nine Lives,” “Shut In,” “Miss Sloane” and “The Circle”) that it released in the U.S.

Since posting record losses of $135 million during the last financial year, EuropaCorp has seen its stock value fall dramatically. “Valerian” did not allow the company to return to profitability and launch another strong franchise.

As part of the deal, Anargyros gains rights to series and films which are produced, in production or in development at EuropaCorp Television, including “XIII,” “Le Vol des Cigognes,” and “Taxi Brooklyn,” as well as rights to EuropaCorp Television’s catalogue of French-language titles.

EuropaCorp said it will continue its U.S. TV business and does not plan to sell this activity.

“The company will continue to produce and distribute English-language TV series with strong international potential, such as the series ‘Taken,’ whose second season is currently in production,” EuropaCorp said.

More Film

  • Aladdin

    Box Office: 'Aladdin' Taking Flight With $105 Million in North America

    Disney’s live-action “Aladdin” is flying high with an estimated $105 million in North America during the four-day Memorial Day holiday weekend. It’s the sixth-highest Memorial Day weekend total ever, topping the 2011 mark of $103.4 million for “The Hangover Part II.” The top total came in 2007, when “Pirates of the Caribbean: At World’s End” [...]

  • Agustina San Martin Talks Cannes Special

    Agustina San Martin Talks Cannes Special Mention Winner ‘Monster God’

    CANNES – An exploration of the ramifications of God, “Monster God,” from Argentina’s Agustina San Martín, took a Special Mention – an effective runner’s up prize – on Saturday night at this year’s Cannes Film Festival short film competition. It’s not difficult to see why, especially when jury president Claire Denis own films’ power resists [...]

  • Atlantics

    Netflix Snags Worldwide Rights to Cannes Winners 'Atlantics,' 'I Lost My Body'

    Mati Diop’s feature directorial debut “Atlantics” and Jérémy Clapin’s animated favorite “I Lost My Body” have both been acquired by Netflix following wins at Cannes Film Festival. “Atlantics” was awarded the grand prix while “I Lost My Body” was voted the best film at the independent International Critics Week. The deals are for worldwide rights [...]

  • Stan Lee, left, and Keya Morgan

    Stan Lee's Former Business Manager Arrested on Elder Abuse Charges

    Stan Lee’s former business manager, Keya Morgan, was arrested in Arizona Saturday morning on an outstanding warrant from the Los Angeles Police Department. The LAPD’s Mike Lopez confirmed that the arrest warrant was for the following charges: one count of false imprisonment – elder adult; three counts of grand theft from elder or dependent adult, [...]

  • Moby attends the LA premiere of

    Moby Apologizes to Natalie Portman Over Book Controversy

    Moby has issued an apology of sorts after writing in his recently published memoir “Then It Fell Apart” that he dated Natalie Portman when she was 20 — a claim the actress refuted. “As some time has passed I’ve realized that many of the criticisms leveled at me regarding my inclusion of Natalie in Then [...]

  • Bong Joon-ho reacts after winning the

    Bong Joon-ho's 'Parasite' Wins the Palme d'Or at Cannes

    CANNES — The 72nd edition of the Cannes Film Festival wrapped with jury president Alejandro González Iñárritu announcing the group’s unanimous decision to award the Palme d’Or to South Korean director Bong Joon-ho for his sly, politically charged “Parasite.” Following last year’s win for humanistic Japanese drama “Shoplifters,” the well-reviewed Asian thriller represents the yin [...]

  • Invisible Life Brazilian Cinema

    Cannes Film Review: 'The Invisible Life of Eurídice Gusmão'

    A “tropical melodrama” is how the marketing materials bill “The Invisible Life of Eurídice Gusmão.” If that sounds about the most high-camp subgenre ever devised, Karim Aïnouz’s ravishing period saga lives up to the description — high emotion articulated with utmost sincerity and heady stylistic excess, all in the perspiring environs of midcentury Rio de [...]

More From Our Brands

Access exclusive content