Medient CEO forced out in hostile takeover - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Medient CEO forced out in hostile takeover

Posted: Updated:
EFFINGHAM CO., GA (WTOC) -

Medient Studios has been promising for more than a year to build a movie super-studio and start shooting films in the Coastal Empire, but so far not a single movie has been made and construction hasn't started on that super-studio.

Now, Medient CEO Manu Kumaran has been ousted in a hostile takeover, and shares of the company are worth two hundredths of a penny each.

Can Medient survive? Can it deliver on its promises?

New CEO Jake Shapiro said Medient's problem has been too many promises and not enough profits. Instead, he'll be scaling down.

Medient has scrapped its grand plans for suspension bridges, an amphitheater and glass domed studios.

Shapiro said the company needs to focus on one thing: making movies. Medient has been promising to start shooting in the Coastal Empire for more than a year.

He said Medient's planned horror movie, "The Damned", is in pre-production and will start filming soon.

When asked if he could assure viewers that filming will really happy, Shapiro said, "I'd rather not tell them so much as show them. There will be announcements shortly, such as who the director will be, casting appointments, production dates."

Attempts to reach former CEO Kumaran via his attorney were not returned.

No one remains of the original Medient team that sold the Effingham County Industrial Development Authority on investing in this movie plan.

Copyright 2014 WTOC. All rights reserved.

Powered by WorldNow