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Post by The Ultimate Nullifier on Apr 6, 2018 18:09:55 GMT -6
deadline.com/2018/04/luc-bessons-europacorp-netflix-deal-1202357396/EuropaCorp Plays Down Latest Report Of Impending Netflix Deal Luc Besson’s EuropaCorp has played down a new report in French financial paper Les Echos that Netflix is in pole position to invest in the company. After the long Easter weekend, shares in the Valerian and Taken producer opened more than 30 percent higher this morning in Paris following the Saturday evening report. The article, which cites an unnamed source ‘close to the company’, claims that the streaming giant is in talks to invest in the French production giant but that other players including Warner Bros, Sony, TF1, Vivendi and current EuropaCorp investor Fundamental Films from China also remain in the mix to take a stake (or bigger stake in Fundamental’s case) in the firm. The article claims that discussions have been heating up in recent weeks. However, EuropaCorp, whose market cap is now back up over €100M ($122M), told us today, “EuropaCorp does not confirm these rumours. As stated in the press releases of 23 January and on 2 February, EuropaCorp reiterates that indeed discussions are taking place with several potential industrial and/or financial partners. These discussions take place in serenity and trust. Nevertheless, EuropaCorp has not entered into exclusivity with any of the potential companies in question. EuropaCorp reiterates that the studio will communicate on the day when there is certain information and not just speculation which is not based on facts.” Netflix declined to comment. Shares in the heavily indebted production and distribution outfit opened up this morning at €2.56 ($3.15) and were still at €2.50 (+29%) at 3.30pm Paris time. Talk of a company sale and Netflix investment, potentially in EuropaCorp’s library, have been swirling for months with the venerable production giant facing financial challenges since last year. In December, the French group posted a half-year loss of $83.1M, which was in part a result of the underwhelming performance from expensive sci-fi epic Valerian And The City Of A Thousand Planets. Key execs including CEO Marc Shmuger and U.S. production head Liza Ellzey are among staff to have left the company which has also announced a reduced movie production slate going forward.
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Post by The Ultimate Nullifier on Apr 6, 2018 18:23:00 GMT -6
www.hollywoodreporter.com/news/europacorp-stock-jumps-report-sale-netflix-1099182EuropaCorp Stock Jumps on Report of Possible Sale to Netflix Shares in Luc Besson's French film studio opened more than 30 percent higher Tuesday following French news reports that Netflix was close to buying the company. Shares in Luc Besson's EuropaCorp, the production outfit behind such films as Lucy and the Taken franchise, opened sharply higher on Tuesday, following a French news report that Netflix was close to a deal to buy the company. Late last week, French financial paper Les Echos, citing unnamed sources, reported that Netflix was planning to acquire the Paris-based studio and that a deal could be unveiled as early as the Cannes Film Festival next month. Shares in EuropaCorp opened up more than 30 percent at €2.56 ($3.15) on Tuesday, following the long Easter weekend. As of noon Paris time, the stock was up 28 percent at €2.47 ($3.04). According to the Les Echos report, the deal would see Netflix take over control and operation of EuropaCorp, but Besson would stay on as creative head of the company. The Netflix rumors have been circulating for months. In a statement sent to The Hollywood Reporter, EuropaCorp confirmed, as it had earlier this year, that "discussions are taking place with several potential industrial and/or financial partners" but declined to mention Netflix by name. EuropaCorp reiterated that it has not entered into exclusive talks "with any of the potential partners in question." Netflix couldn't immediately be reached for comment. EuropaCorp's financial challenges are no secret. In December, the group posted a half-year loss of $83.1 million, in part due to the disappointing performance of Besson's sci-fi epic Valerian and the City of a Thousand Planets. Several top executives, including CEO Marc Shmuger and U.S. production head Liza Ellzey, have left the company, and EuropaCorp sold off its French TV division in an effort to shore up its finances. The company also fired more than a dozen staff members and announced plans to refocus its efforts on producing action thrillers like Lucy and Taken, also trimming its slate from a planned 12 films a year to four to five titles annually.
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Post by The Ultimate Nullifier on Apr 6, 2018 19:31:18 GMT -6
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Post by The Ultimate Nullifier on Apr 6, 2018 19:31:55 GMT -6
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Post by The Ultimate Nullifier on Apr 6, 2018 19:32:33 GMT -6
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