Barcelona mini-studio Filmax has added another feather to its cap with the 60% buy-out of post-production laboratory Filmtel.
The move follows Filmax's entrance last month into the post-production sector with the launch of animation effects house Bren Entertainment. Filmtel was a founding partner in Bren and will maintain its 30% interest.
One of Spain's leading post-production facilities, Filmtel had reportedly been experiencing financial difficulties before Filmax's entrance. As a result of the 60% buy-out, Filmtel's value rises to $2.1m (PTS355m). Sources at Filmax say they hope to increase Filmtel's annual billing from $7.1m (PTS1,200m) in 1999 to $8.8m (PTS1,500m) in 2000.
Filmax heads Julio Fernandez and Carlos Fernandez will take over as president and CEO respectively of Filmtel, while Filmtel's Juan Jose Perez-Villar and Jose Maria Aragones take the positions of general director and technical director.
Filmax is an established theatrical, TV and video distributor in Spain whose recent moves into production and exhibition have made headlines. The company produces 8-10 films per year, which includes 4-5 titles from genre film division, the Fantastic Factory.