UK distributor Metrodome has acquired Hollywood Classsics Ltd in a deal worth $2.6m (£1.6m).
Hollywood Classics represents the classic film libraries of Universal, Paramount, Twentieth Century Fox, Warner Bros. and the now-defunct UK Film Council, including films such as Breakfast at Tiffany’s, The Godfather and Psycho. The company had annual revenues of £6.7m in 2010.
London-based Hollywood Classics was founded in 1984, and works both for cinema re-releases of classic films as well as repping a library of about 700 films for home entertainment, TV and VOD. It also has a library clip business for 500+ titles including Roman Polanski’s Knife In The Water and The Who’s Tommy.
The company also has representatives in Germany, Japan and Italy; it attends major film and TV markets such as MIPCOM and the Berlinale’s EFM.
Former Metrodome CEO Peter Urie will return to the business as CEO of Hollywood Classics, effective immediately. Urie had resigned during a company restructuring in March 2010.
Hollywood Classics director Joe Dreier will also stay with the company. There are 12 employees at Hollywood Classics, which is based in Kentish Town, North London, and no staffing changes or office moves are expected as part of the deal. (Metrodome’s headquarters are on Edgware Road.)
Metrodome’s library currently has about 550 titles.
Alongside this deal, the Metrodome management team is expanding by adding Steve Winetroube as COO. He had been a non-executive director of the company.
Also, Luke Johnson, former Chairman of Channel 4, has joined the board.
Mark Webster, Chairman of Metrodome, said in a statement: “This important acquisition is the next step in our mission to become one of the leading independent rights management groups in the UK providing independent producers and other intellectual property owners with a comprehensive solution for worldwide exploitation of their IP and content across all platforms. Hollywood Classics is an excellent company and one which offers revenue upsides through scale and an international reach. It is an excellent endorsement from the market that we were able to raise the entire consideration monies, which confirms investors belief in Metrodome’s continued expansion and development. I am delighted to welcome Luke Johnson to the Board; Luke joins us with a huge amount of cross-sector experience which I am sure will prove invaluable in the next stage of our evolution.As a result of this placing and acquisition, Metrodome will look to start paying a dividend in 2012.”