MEMI - Press ReleaseSource: Miracle Film Distribution
REPEAT/Miracle Film Distribution Makes Exclusive, Revolutionary Partnership with Global Media Management and ASIDA for a $500 Million Print & Ad Fund for Indie Filmmakers
Monday May 19, 11:12 am ET
New Deal Will Have Far Reaching Impact On Indie Filmmakers And Their Creations
HOLLYWOOD, Calif.--(BUSINESS WIRE)--May 15, 2003-- In a stunning move, Miracle Film Distribution (Pink Sheets:MEMI - News), in exclusive partnership with Global Media Management and ASIDA has created a breakthrough strategy to finance print and advertising cycles for new theatrical releases, it was revealed today (15) by John Daly, CEO, Miracle, and the maker of such award winning movies as Platoon, The Last Emperor and Hoosiers. "This is nothing less than a revolution for the 'independents' and the way they do their business," said Mr. Daly.
The new deal between the parties provides for a whopping P&A Fund of $500M.
Utilizing pre-paid advertising credits provided by the Global Media Capital Fund, and the marketing skills of Initiative Media, the world's largest media management and buying agency, the new Miracle/Film Star/Global Distribution Fund will provide $100M in print and advertising support for new theatrical releases in the first year, with additional funding of $400M becoming available in the second year of operation. Eight to ten new movies releases are expected to be financed over the initial 12 months.
An additional component of the program is a designated fund to finance film prints in advance of distribution. The Miracle/FilmStar/Global Distribution Fund will acquire worldwide distribution rights on the films selected for support. The guarantee of print funds means a film can be shown in as many theaters as the Fund determines is appropriate. "We are witnessing a change here in the distribution and availability of independent movies worth seeing," Mr. Daly asserted. "We are excited about the dynamic relationship developed among the partners, and look forward to providing the movie going public with very high quality independent films."
Such a pioneering new approach also is likely to be leveling the playing field points out ASIDA President Kent Moors. "The truly amazing dimension of this is its ability to fund any movie - from the blockbuster summer releases to the smaller independent films that find competition for funding from traditional sources an almost insurmountable obstacle." Jon Gentile, who heads FilmStar, now plans to put together a substantial production fund for Miracle.
A renowned Hollywood producer, Mr. Daly's films have been nominated for 21 Oscars, and have won 13, including unprecedented back-to-back Best Picture Oscars. His latest film, The Petersburg-Cannes Express will be showcased at this year's Cannes Film Festival.
Contact:
Miracle Entertainment, Inc., Los Angeles John Daly, 323/904-5200 Media: The Barrett Company Comms.
Charlie Barrett, 310/471-5764 or
FilmStar Releasing Corp. Jon Gentile, 323/904-5250 or
ASIDA
Kent Moors, 724/612-0697
Source: Miracle Film Distribution
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