Distributors ink multimillion-dollar deal.
Independent distribution company Echo Bridge Entertainment will merge with distributor Platinum Disc Corporation, it was revealed today (Feb. 7).
The multi-million dollar deal brings Echo Bridge's film library to about 2,250 film titles. Since the Needham, Mass.-based company was founded last year, it has been buying libraries and rights to a number of individual titles.
Platinum Disc's catalog totals about 2,000 titles, including a number of Hallmark Entertainment projects. According to the company, Platinum Disc increased business by 240% over the last three years. Platinum Disc is a major player in the value-priced video market, supplying chains such as Wal-Mart, Sam's Club, Best Buy and Circuit City.
Platinum Disc CEO Dave Thompson will continue in his role, and will become a board member of Echo Bridge. The La Crosse, Wis.-based company will also keep all 225 members of its staff.
"This merger couldn't be a better match, with the combined strengths of the two companies complementing each other perfectly," said Thompson in a statement. "As a team we will build the company to become a major force within the industry."
Managing Echo Bridge partner Michael Alexander said in a statement, "This deal goes a long way towards reaching our goal to become one of the top independent, fully integrated worldwide distribution companies in the entertainment business, and we are very excited to bring such a dynamic and successful company as Platinum Disc into the Echo Bridge family."