BeverlyHills-based production and distribution house TAG Entertainment Corp has signeda letter of intent to acquire Myriad Pictures, the parties announced yesterday.
Subject toapproval, the proposed merger would combine the financing capability of TAGEntertainment with Santa Monica-based Myriad's distribution infrastructure andproduction drive for bigger theatrical features.
The new companywill focus on greenlighting independent productions for the worldwide market,with the aim of filling what the parties called "a widening void left by thedemise of a number of major international distribution and productioncompanies."
Myriad willfunction autonomously within the TAG umbrella, retaining its company name andKirk D'Amico as president and chief executive officer.
"After carefulconsideration, Myriad became an obvious choice for TAG's first acquisition,"TAG chairman and chief executive officer Steve Austin said in a statement.
"I have watchedthe growth of Myriad over the years and have always been impressed with thecalibre of their productions and the depth of their distribution reach."
"With the everchanging distribution and production landscape, this alliance provides a realopportunity to significantly increase the number of theatrical feature filmsavailable to the worldwide marketplace," D'Amico added. "The team here atMyriad welcomes the opportunity to work with TAG at this dynamic time."
TAGEntertainment's 2005 slate includes Steve Boyum's action picture Supercross, which is tentatively scheduled for asummer release through Twentieth Century Fox. Seven Arts International will handlethe international release.
Myriad's slateincludes: Marc Evans' supernatural thriller Trauma starring Colin Firth and Mena Suvari;John McKay's period romantic comedy Piccadilly Jim; Harvey Kahn's thriller The Deal starring Christian Slater; and NickWilling's supernatural thriller The River King starring Edward Burns.