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.