Millennium Entertainment, the distribution arm of Avi Lerner‘s Nu Image, is officially for sale, with investment bank Salem Partners brought in to shop a deal. Nu Image holds 60% of the company, while Nigel Sinclair and Guy East’s Exclusive Media has a 20% stake and hedge fund Prentice Capital has the other 20%. A sale has been in the cards for the past year as Sinclair and East considered buying the part of the company they don’t already own, but a deal did not come to fruition. With the sale now opened to other buyers, Deadline hears there’s been “a lot of activity.” Here’s the official press release:
Millennium Entertainment CEO Bill Lee announced today that Salem Partners, a leading Los Angeles-based investment bank and wealth management firm, has been retained to sell the company.
Millennium Entertainment enjoyed a record year in both revenue and earnings in 2012 propelled by one of 2012’s biggest indie successes, Richard Linklater’s comedy Bernie, which earned Jack Black a Golden Globe nomination. READ MORE »
Nu Image today filed a lawsuit against shuttered Overture Films for what could be millions in unpaid proceeds from a trio of films. The films noted in the complaint (read it here) are 2010′s Brooklyn’s Finest, the 2008 Robert De Niro and Al Pacino movie Righteous Kill and 2008′s Mad Money starring Diane Keaton and Queen Latifah. Nu Image says that they and Brooklyn’s Finest Distribution inked deals with Overture for exclusive distribution rights for the films “in the United States and its territories for 20 years.” Noting that all three seemed to make good money theatrically and in home entertainment, the complaint alleges Breach of contract, the Implied Covenant of Good Faith and Fair Dealing, Accounting and Declaratory Relief. Nu Image says that they have consistently received “sparse and oblique” participation statements from Overture and their then affiliate Starz Media. “Plaintiffs are informed and believe, and there on allege, that Defendant received or will receive monies, property or other benefits in connection exploitation of the Licensed Pictures, of which a percentage is due to Plaintiffs. Read More »
The producers of Cops are taking the producers and distributors of Brooklyn’s Finest and Leaves Of Grass to court over money they say they are owed from the films. In an 11-page complaint filed today, (read it here) Langley Films, who make the long running police series, say Avi Lerner’s Nu Image, as well as Leaves of Grass Productions Inc. and Brooklyn’s Finest Distribution Inc., failed to honor an agreement to pay the company “a portion of the revenues” from both the 2010 comedy and the 2009 crime drama. The three companies are cited as defendants with Lerner, Nu Image/Millennium Films’ Trevor Short and former Nu Image/Millennium foreign sales chief Danny Dimbort named as principals who “may have engaged in a scheme to defraud Langley Films.” Millennium/Nu Image are the producers of, among other films, the upcoming The Expendables 2, Lee Daniels’ The Paperboy and the White House thriller Olympus Has Fallen directed by Antoine Fuqua who helmed Brooklyn’s Finest.
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Citing breach of contract and accounting, Langley says in 2008 it gave $3.65 million to pay some development and production costs on the Richard Gere and Don Cheadle-starring Brooklyn’s Finest and $1.5 million for the same for the Edward Norton and Susan Sarandon-starring Leaves of Glass. The complaint alleges that not only has it not received the promised revenue but also that the defendants partially reneged on an August 31, 2011 agreement to pay back the some of the money the Santa Monica-based independent producer had given them. Read More »
Less than two months before The Expendables 2 comes out, Sylvester Stallone today scored an action hero legal victory. Judge Jed Rakoff rejected Marcus Webb’s claims that The Expendables was his original idea and Sly stole it. Webb … Read More »
EXCLUSIVE: Tania Raymonde (Lost) has been cast in a lead role in Nu Image’s Texas Chainsaw Massacre 3D, which Takers helmer John Luessenhop will direct, Carl Mazzocone will produce and Lionsgate will distribute. Raymonde will play Nikki, a small-town girl … Read More »
Millennium Films has picked up rights to The Paperboy, a sexual thriller based on the 1995 Peter Dexter novel that Dexter and Pedro Almodovar developed over 10 years. Matthew McConaughey, Tobey Maguire, Sofia Vergara and Zac Efron star, and Oscar-nominated … Read More »
Two European sales companies — British based Hanway Films (the sales company of British producer Jeremy Thomas) and Paris-based Celluloid Dreams — are calling for Avi Lerner to step down as vice-chair of the Independent Film & Television Alliance. The … Read More »