A consortium of European investors, led by Netherlands-based Cyrte Investments, has acquired the UK's Hammer Film Producttions including its 295-title library. Financial terms of the deal were not disclosed, although the new Hammer will have shareholders equity and facilities of about $50m.

Simon Oakes and Marc Schipper, formerly of Liberty Global's Chellomedia, will head the new management team. Spitfire Pictures founders Guy East and Nigel Sinclair will join the company's board as non-executive directors and Los Angeles-based Spitfire has signed a first-look development and production deal with the new Hammer.

Hammer plans to significantly ramp up its film and TV production, to reinvigorate the classic Hammer brand 'for a new generation of horror-lovers utilising web and mobile technologies, whilst retaining Hammer's significant heritage.' The UK production company was legendary as the 'Hammer House of Horror' in the 1950s and 1960s with movies including Dracula and Quatermass.

The new outfit is expected to remake some of the old properties.

'We have been working on this deal for almost a year now, and are very proud at having brought together this incredibly talented group of people in combination with Hammer's heritage,' Oakes said. 'Hammer is a great British brand - we intend to take Hammer back into production and develop its global potential.'

Cyrte's investors include producer John de Mol.