Arts Alliance Media, the provider of digital services and content, has secured new funding to support its plans to create the largest European digital cinema network.
Arts Alliance Media (AAM), the digital services and content company, has secured $66m (€50m) in new funding from Sankaty Advisors to support it goal of building Europe’s largest digital cinema network.
The deal, which is subject to documentation, is expected to be completed in the next month.
AAM chief executive Howard Kiedaisch (pictured) said: “Sankaty Advisors are very forward thinking and have created an extremely flexible model that we are looking forward to offering our exhibition partners. The many exhibitors we’re already working with are delight with the results digital brings – better presentations, 3D, and alternative content are great for audiences and cinemas.”
There are currently about 4,500 digital cinema screens in Europen, of which 75% are 3D. It is hoped that will rise to more nearly 13,000 by the end of 2012. AAM currently has deals with seven European territories, and commitments in place for more than 1,500 digital screens to be installed.