Beleaguered German media concern Kinowelt Medien has sold its 40% stake in Progress Film Verleih to Tellux Beteiligungsgesellschaft, making Tellux the sole shareholder of the former East German state distributor.
In an official statement, Tellux stated that it plans "in future, to further expand the initiated Progress activities in distribution, world sales and film clippings service and intensify the company's cultural and economic direction".
Juergen Haase, who will now serve as the company's sole managing director, plans to develop Progress' core business, the licensing of the DEFA films, on a national and international level.
At the same time, Progress plans to continue its commitment for the distribution of new children's films and selected German and European features.
One of its next theatrical releases will be the children's film Pinky Und Der Millionenmops, produced by the Leipzig arm of Provobis, which will open nationally on August 16.