Press Release
Twentieth Century Fox and Intertainment AG announce mutual film financing and distribution deal
Munich, September 13, 1999 - Ruediger Baeres, President of Intertainment AG, and Jim Gianopulos, President of Twentieth Century Fox International, announce today an agreement for distribution and co-financing of feature films for European release between the two companies.
The deal creates a long-term relationship between the two companies which will include a significant portion of European releases for Intertainment during the 10-year life of the agreement.
The relationship includes joint financing and distribution by Twentieth Century Fox and Intertainment of theatrical, pay and video rights in Europe, with Intertainment retaining Free Television rights. The parties plan to work closely in identifying strong pictures, as well as marketing and releasing pictures which reflect both Twentieth Century Fox’s position as a leading studio and Intertainment’s strengths in the pan-European market. The deal will add significantly to the growth potential of Intertainment in the European market during the next decade.
Ruediger Baeres stated, "Twentieth Century Fox has created a worldwide distribution and marketing system that is a leader in the media business. In a time of consolidation in the international entertainment business, Intertainment is looking for strategic partners that complement our business plan and are creative, flexible and successful. Twentieth Century Fox, under the leadership of Jim Gianopulos in International, has established just that kind of organization."
Jim Gianopulos stated, "Twentieth Century Fox has a track record of successfully working with a number of successful partners. Intertainment adds to these relationships, giving us an innovative partner based in Europe. The media business is worldwide in focus. We have built a distribution system at Fox that allows us to maximize marketing efforts and revenue in all channels of distribution globally."
Barry Baeres added, "Intertainment has a business plan of creating a virtual studio through careful management of rights acquisitions and utilizing the infrastructure of a Major Studio. We do not have to reinvent the wheel or build an independent stand-alone structure, but can rely on the structure that has made Twentieth Century Fox the industry leader."
Twentieth Century Fox, a division of News Corporation, is the studio responsible for such hits as "Titanic", "Independance Day" "Braveheart" and "Star Wars". Intertainment AG, a German media company based in Munich, trades on the Frankfurt (Neuer Markt) stock exchange and licenses and distributes feature films throughout the major territories of Europe.
The agreement was negotiated on behalf of Intertainment by Ruediger Baeres and David Williamson and by Stephen Saltzmann of Loeb and Loeb and on behalf of Twentieth Century Fox by Jim Gianopulos and Michael Doodan.