Spanish distributor and producer Notro Films has been acquired by media company Avanzit.
Notro founding partner Jose Maria Irisarri, former CEO and current advisor of TV powerhouses Globo Media and Grupo Arbol, has been named executive president of Avanzit's media filial.
Notro - which was launched in September 2004 by Irisarri, film veteran Adolfo Blanco and property developer Marcos Fernandez - is active in film, television and theatrical production and distribution. The company was valued at $33.7m (Euros 29.5m) in the deal, to be conducted via a share swap.
The acquisition is the latest for Avanzit, which is busily growing a media division that already houses post-production services provider and thematic channel packager Telson and, since June 2006, distributor-producer Manga Films and producer Telespan 2000.
'Wit this deal we face a great business opportunity to play a leadership role among the major audiovisual groups,' said Avanzit president Javier Tallada said.
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