EFFINGHAM CO., GA (WTOC) - Medient Studios, Inc. announced that it has completed the acquisition of German-based Atlas international Film.
Atlas is one of the oldest independent film sales agents in Europe. The Memorandum of Understanding for all stock based deal was announced in July 2013.
"Over the past 46 years, Atlas has built a solid reputation for sales and film finance. We are particularly excited about the upcoming European Film Market that accompanies the Berlinale Film Festival, where Atlas will present our new slate of movies. Atlas also has a library of over 250 titles, which will be aggressively sold at the European Film Market," said Chairman of Medient Manu Kumaran in a news release.
Philipp Menz, President of Atlas stated in a release that, "We are proud to be part of a truly inspired team at Medient and the partnership will add a critical component to the scaling up of the company into a global player in the entertainment marketplace."
Kumaran added, "I want to underline the fact that Medient continues to deliver on its promises, and this acquisition provides elements essential to the creation of a vertically integrated 'insourced' content creation company. In a short period of time, we have built a truly formidable enterprise with an impressive slate of movies, a solid balance sheet, and strong governmental support. Moreover, this transaction accelerates our growth."
The company said the purchase will help them produce quality projects without increasing the price significantly.