Salem to handle Millennium sale
Millennium Entertainment’s management team has retained Los Angeles-based investment bank and wealth management firm Salem Partners to sell the company.
The distributor has been up for sale for some time and is owned by a number of players. Nu Image owns a majority 60% stake, while Exclusive Media Group and Connecticut-based hedge fund Prentice Capital each own approximately 20%.
Exclusive Media Group acquired a stake last year in a move that bolstered its distribution capability by ensuring that select titles would go through Millennium’s home entertainment pipeline.
It is understood the Millennium Entertainment management team intends to remain intact and will continue to operate the company and support new ownership in the event of a sale.
Millennium Entertainment CEO Bill Lee said his company had built “the most comprehensive distribution platform outside of the major studios” and looked forward to working with a new owner on the next phase.
The company enjoyed record revenue and earnings in 2012, when it released Richard Linklater’s comedy Bernie [pictured], which earned Jack Black a Golden Globe nomination.
Millennium Entertainmen’s film library comprises 665 titles and the distributor works closely with all major retailers, home entertainment and digital platforms inlcuding Walmart, Target, iTunes, Netflix and major cable operators.
“Millennium Entertainment has become one of the top players in the independent realm,” said Salem Partners co-founder Stephen Prough. “With a pipeline of high profile films and direct distribution in all media in the United States, Millennium is a new entrant into the mini-major arena.”