SnagFilms has closed a new $6 million financing round, the multi-platform company announced today. “With this round of investment, we are able to expand our commitment to helping filmmakers in every form of distribution and increase the services we offer, to delight even broader audiences,” said CEO Rick Allen from the Sundance Film Festival. The announcement come a little less than a year after SnagFilms solidified a previous seven figure founding round. SnagFilms says that the proceeds from this latest funding will be used to improve its platform and product functionality and expansion. As well, the company plans to increase its investment in content and grow its current film library from 4,000 titles up to 5,000 this year. The SXSW Grand Jury Prize wining documentary Beware of Mr. Baker opens nationwide on January 25. SnagFilms announced its acquisition of the domestic distribution rights to the film about Cream drummer Ginger Baker last August. In addition to all of SnagFilm’s current investors participating in this new round, CNF Investments, LLC, an affiliate of Clark Enterprises, Inc., joined as a new shareholder in the company. Clark Enterprises Executive Vice President Robert J. Flanagan has taken an observer seat on SnagFilm’s Board.
SnagFilms has acquired U.S. distribution rights to Decoding Deepak, the documentary directed by pop culture figure Deepak Chopra’s son Gotham Chopra. Decoding Deepak will be released October 5th day and date in major market theatres and nationwide on VOD and digital platforms including iTunes, Amazon, VUDU and Xbox Live via SnagFilms. Paladin is handling theatrical distribution on behalf of SnagFilms. The movie, which premiered to critical praise earlier this year at South By Southwest Film Festival, is a NALA Investments production.
Submarine Pacts With SnagFilms, Launches Torpedo Pictures
Submarine Entertainment announced today at the Cannes Film Festival that it has licensed three films to on-demand hub SnagFilms: Sundance 2011 entry Letters From The Big Man, about a Forest Service employee who stumbles across a sasquatch in the Oregon wilderness; punk-rock documentary Hi My Name Is Ryan; and 2010 Berlin title Arias With A Twist: The Documentary, about the collaboration between cabaret and drag artist Joey Arias and master puppeteer Basil Twist. SnagFilms now has exclusive cable VOD and digital distribution rights to the films in the U.S. and will release them across all platforms this year.
Torpedo Pictures, being launched with Dakota Group, will house a slate of low-budget sci-fi, horror and thriller genre films with budgets between $500K-$1.5 million. Dakota Group will finance the slate, while Submarine will rep worldwide rights.
Anchor Bay Takes Officer Down & Pawn
Anchor Bay Films has acquired all English-speaking territories for the action titles Officer Down and the Michael Chiklis hostage drama Pawn from Red Sea Media, which has completed sales on both to Polar Star (Latin America), Globo TV (Brazil), Dutch FilmWorks, (Benelux), Eagle Films (Middle East), IPA (Thailand), Prorom (Romania), and Horizon Int’l (Turkey).
Washington, DC – January 30, 2012 – SnagFilms announced today that it has closed a new, seven-figure financing round to accelerate the growth the company achieved in 2011. All current investors participated, including SnagFilms founder and chairman Ted Leonsis, Steve and Jean Case’s Case Foundation Ventures LLC., the John S. and James L. Knight Foundation, New Enterprise Associates (NEA) and Comcast Interactive Capital (CIC), along with two new investors: veteran media and internet executive Terry Semel (who also joins the Company’s Board) and David Fialkow, co-founder and managing director of General Catalyst Partners. In addition to new equity, the company has arranged its first debt facility with Silicon Valley Bank. Total available equity and debt financing is $7MM.
SnagFilms, the sponsor supported web distributor with over 3000 indie films in its library, has named former Warner Bros co-CEO and Yahoo CEO Terry Semel to its Board of Directors.
SnagFilms has acquired worldwide theatrical, TV and digital rights to All Me: The Life And Times Of Winfred Rembert. The portal plans an online “sneak preview” of the documentary feature — directed by Vivian Ducat and produced by Ducat and Mark Urman — on January 16 commemorating Martin Luther King Day. In February, Snag will premiere the film on cable and online video-on-demand platforms to mark Black History Month. The film, which premiered at the 2011 Hamptons International Film Festival, follows the life of artist Winfred Rembert, whose work depicting images of cotton fields, signing in church, working a chain gang and beyond visually exemplified bigotry in America in the latter part of the 20th century. The pic is an American Pictures 82 Presentation of a Ducat Media Production, in association with Paladin. Warren and Jan Adelson are executive producers.