New York, NY -- Screenvision, a leading innovator in cinema advertising, and Shamrock Capital Growth Fund II, a leading private equity fund focused solely on media, entertainment and communications investing, announced today the signing of a definitive purchase agreement with UK-based ITV Plc (LSE:ITV) and Technicolor (Euronext Paris: 18453; NYSE: TCH) for a majority stake in Screenvision.
"We have known and have followed the Screenvision story for many years and have always been impressed with its expansive network of over 150 theatrical partners and inventive advertising solutions it offers to its over 4,000 advertising partners," said Stephen Royer, Managing Director of Shamrock. "Screenvision is a compelling advertising buy given its captive audience reach, over 15,000 screens throughout the U.S., and its expansive sales offerings. We are thrilled to be partnering with the current management of Screenvision to build from here."
As part of the transaction, current owner ITV will sell the entirety of its 50% stake to Shamrock while the other owner, Technicolor, will retain a minority shareholding and will continue to be Screenvision's provider of film and digital services, with the film processing and distribution agreement extending through end of life.
"We have been an owner of Screenvision for over ten years and have built this company into what it is today - a leading advertising provider to the cinema industry," said Frederic Rose, Chief Executive Officer of Technicolor. "From a commercial perspective, it made sense for us to keep a minority shareholding and to continue our partnership by providing film and digital services to Screenvision."
"We have always maintained our view that Screenvision is a strong business with great potential, but as we publicly stated, Screenvision was a non-core holdings of ITV and therefore, we are certain it is in great hands with its new owners," stated Adam Crozier, ITV's Group Chief Executive.
Additionally, as part of the transaction, Screenvision has entered into an amended exhibitor agreement with Carmike Cinemas, Inc (NASDAQ: CKEC), one of the largest motion picture exhibitors in the U.S. Carmike will also become a minority shareholder in Screenvision as part of its exclusive agreement with Screenvision.
"We have been a partner of Screenvision for over twenty years and we plan to be a partner for many more," said David Passman, Chief Executive Office of Carmike. "Screenvision has proven to us that it is the preferred solution to partner with because of its independent approach to the cinema industry as well as the creative advertising solutions offered by its excellent sales-force."
"Carmike is a technological innovator in the exhibition community and our partnership has only become stronger with this agreement," said Darryl Schaffer, Executive Vice President - Exhibitor Relations at Screenvision. "This partnership validates Screenvision's ability to support its exhibitor partners with leading-edge cinema advertising solutions."
COLUMBUS, Ga. -- Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3D motion picture exhibitor, today announced the modification of a long-term, exclusive exhibition agreement with Screenvision, a leading innovator in cinema advertising. The modified agreement extends Carmike's existing relationship with Screenvision for a 30-year term. In addition to its regular periodic payments throughout the term of the agreement, Carmike will receive a cash payment of $30 million in January, 2011. Carmike will also receive an approximately 20% ownership interest in the growth of Screenvision.
"We have been a business partner of Screenvision for over twenty years and we plan to be a partner for many more," said David Passman, President & Chief Executive Officer of Carmike. "Adding an ownership interest to our already excellent business relationship is an exciting opportunity for Carmike's shareholders to benefit in the growth of Screenvision. In addition, although still in its early stages, we expect alternative content to play an increasingly important role in further enhancing capacity utilization of entertainment complexes, and with its growing digital footprint and extensive distribution network, we believe Screenvision continues to be the right partner for Carmike."
"Carmike is a technological innovator in the exhibition industry and our partnership has only become stronger with this agreement," said Darryl Schaffer, Executive Vice President - Exhibitor Relations at Screenvision.
The extended exhibition agreement is effective upon closing of Carmike's acquisition of the ownership interest in Screenvision, which is expected to be in October 2010.
BURBANK, Calif. -- The highly anticipated original motion picture score for TRON: Legacy, composed and produced by the iconic and critically acclaimed Grammy® Award-winning French duo Daft Punk, will be released by Walt Disney Records on Monday, November 22, 2010. Presented in Disney Digital 3DTM, Walt Disney Pictures' TRON: Legacy hits U.S. theaters on December 17, 2010, in Disney Digital 3DTM and IMAX® 3D.
Having grown up with admiration of Disney's groundbreaking original 1982 film TRON, Daft Punk took on the scoring of the next chapter of the story with extraordinary thought and precision. The duo assembled a symphony of one hundred world class musicians in London and recorded the orchestra at AIR Lyndhurst Studios, Britain's premier scoring facility.
From Daft Punk's first single release in 1993, Guy-Manuel de Homem-Christo and Thomas Bangalter were hailed as a new breed of electronic music innovators. Following their seminal debut in 1997 (Homework), the band went on to release two more studio albums (Discovery-2001, Human After All-2005) and two live albums (Alive 1997, Alive 2007), winning them both critical and popular acclaim throughout the world. Daft Punk are known as much for their music and technical innovation as their groundbreaking and elaborate visual universe, which centers around their irrepressible and mysterious Robot personas. In 2006, their directorial art house film debut, "Daft Punk's Electroma," premiered at the Cannes Film Festival and in 2007 they toured internationally with a jaw-dropping live show that was an awe-inspiring combination of their musical and visual prowess. Their collaboration with Kanye West on his #1 hit single "Stronger" was hailed as "The Song of the Year" by SPIN Magazine (January 2008 issue), which also saw Daft sharing the cover with Kanye, having been awarded "Tour of the Year" by the magazine. Daft Punk performed with West on the Grammy Awards in 2008, marking the mercurial duo's first and only television appearance anywhere in the world. "TRON: Legacy" will mark Daft Punk's first film score.
TRON: Legacy is a 3D high-tech adventure set in a digital world that's unlike anything ever captured on the big screen. Sam Flynn (Garrett Hedlund), a rebellious 27-year-old, is haunted by the mysterious disappearance of his father Kevin Flynn (Oscar®- and Golden Globe®-winner Jeff Bridges), a man once known as the world's leading video-game developer. When Sam investigates a strange signal sent from the old Flynn's Arcade-a signal that could only come from his father-he finds himself pulled into a digital world where Kevin has been trapped for 20 years. With the help of the fearless warrior Quorra (Olivia Wilde), father and son embark on a life-and-death journey across a visually-stunning cyber universe-a universe created by Kevin himself that has become far more advanced with never-before-imagined vehicles, weapons, landscapes and a ruthless villain who will stop at nothing to prevent their escape. Visit the official site for more info at http://disney.go.com/tron/ and become a fan at Facebook http://www.facebook.com/Tron.
The TRON: Legacy original motion picture soundtrack will be available nationwide on November 22nd wherever music is sold. Fans can access a secret page with hidden Easter eggs by clicking HERE. For more information on Walt Disney Records' releases, please visit DisneyRecords.com, become a fan at Facebook.com/disneymusic or follow us at Twitter.com/disneymusic.
MORRISTOWN, NJ & LOS ANGELES, CA -- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in digital cinema, today announced that its Phase 2 digital cinema deployment program Exhibitor-Buyer financing option will be used by Dickinson Theatres to commence installations of 250 digital cinema systems at 25 sites immediately. One-half of the installations are anticipated to be complete in the next 12 months.
Dickinson was one of the first exhibitors to commit to Cinedigm's Phase 2 program though was not included in Cinedigm's backlog until today given the undetermined financing. With this updated agreement and Dickinson's exhibitor self-financing plan, Dickinson will complete the digital conversion of all their theatres. Dickinson will celebrate its 90th anniversary in November 2010 with its first digital cinema screens up and running. These newly transitioned screens will allow Dickinson to bring 3D movie extravaganzas, live sports programming, 3D concert films, event programming and much more to the audiences it serves across ten states.
"We have been looking forward to working with Cinedigm on our digital cinema program and are excited to be moving forward," said John Hartley, President and CEO of Dickinson Theatres. "Not only do they provide the best transitional services, but their leadership bringing high quality alternative content and live 2D and 3D events to theatres confirms that we'll be bringing the best to our audiences."
"We are delighted to reaffirm our partnership with Dickinson Theatres," said Chuck Goldwater, President, Cinedigm Media Services Group. "They bring a personal touch to their dedication to their customers combined with an excellence in operations that has earned them an outstanding reputation in the markets they serve. With digital cinema they will extend that dedication even further with a greater variety of exciting programming options for their customers."
Cinedigm's Phase 2 plan will bring up to 10,000 additional screens to the global roster of fully digital theaters. Such theaters are fully networked, turnkey systems that are simple and cost-efficient to operate. These screens will join the growing number of fully digital Cinedigm-CertifiedTM screens around the world.
Cinedigm's Digital Cinema division is the industry-leading deployment program for Digital Cinema. It facilitates the funding, installation support and administration for the company's studio-supported Digital Cinema rollout plans. Cinedigm is also the digital cinema integrator of choice for the CBG, a buying program of the National Association of Theatre Owners (NATO) for small and independent theatre operators in United States and Canada.