Henry Winterstern's Capital Entertainment Corp. works with First Look Media to focus on home entertainment, theatrical production and distribution and foreign sales.
(The Hollywood Reporter) -- Henry Winterstern's Capital Entertainment Corp. has merged with theatrical and home video distribution company First Look Media in an effort to focus on home entertainment, theatrical production and distribution and foreign sales.
Announced Aug. 1, the new company will be called First Look Studios, and Winterstern will assume the title of CEO/co-chairman. Bill Lischak, president/COO of First Look Media, will remain in his position, overseeing day-to-day operations. Chris Cooney, CEO of First Look before the merger, will be co-chairman of First Look Studios and president of the branded entertainment division.
The combined company received a $20 million capital infusion of convertible debt from New York-based hedge fund Prentice Capital Management at the close of the merger. Funds will be used to refinance debt and help fund future growth. The merger closed July 29.
According to Winterstern, whose fledgling Capital Entertainment had recently purchased distribution rights to Ira Sachs' "Forty Shades of Blue," the merger with First Look gives Capital "infrastructure, bandwidth and a 400-title library." Through his Glass Key production unit, Capital just completed the Larry Clark film "Wassup Rockers" and has two films in preproduction. Capital's home video unit includes such titles as "American Idol," "Baywatch," "Thirtysomething" and "Flipper."
First Look Media recently entered a distribution joint venture with DEJ (a wholly-owned subsidiary of Blockbuster). The 25-year-old company is in postproduction on Wes Craven's "The Breed" and will release Jenny McCarthy's "Dirty Love" through First Look Studios next month.