Fast-expanding German rights broker Intertainment plans to raise more than $163m (Euros170m) to fund its drive into film production.
The Munich-based company today said that it will increase its share capital by some two million shares in a rights issue in mid-July.
Intertainment's financial advisers will set the price for the new shares in a "book-building" operation that starts later this month. Were the sale to take place at Euros85 each, the company would bring in Euros170m. The share price slipped 8% from last night's close of Euros100 to Euros92 on the news this morning.
Intertainment said that it intends: "to make acquisitions of global and pan-European film rights persuant to its recent deal with Kopelson Entertainment and its existing film rights agreements."
With output deals that already include Franchise Pictures and Original Voices, Intertainment last week unveiled its first move to fully-finance a slate of US productions. It signed a five-year deal with Oscar-winning producer Arnold Kopelson for a slate of 10-20 films with budgets averaging $50m each (Screendaily, June 8).
Intertainment obtains world rights in all media from theatrical to Internet, video-on-demand, merchandising and soundtrack rights. With the Kopelson's studio deal set to end, Intertainment is now looking for a major studio - thought to be Warner Bros - to distribute the titles in North America. Other finance will come from international pre-sales and film funds.