Outerlight Entertainment, formerly known as First Look Entertainment, has acquired independent studio Bleecker Street Media, the company announced on Thursday.
The move puts Bleecker Street and Topic Studios, two of the most prominent independent studios, under the same roof. But both will continue to be operated independently.
Financial terms of the deal were not disclosed.
Bleecker Street will continue to be led by CEO Kent Sanderson and President & Chief Marketing Officer Tyler DiNapoli, and the company retains control of its slate, acquisitions, distribution, marketing, filmmaker relationships, and daily operations, TheWrap understands.
The acquisition provides Bleecker Street “with long-term capital and additional resources to accelerate its existing growth strategy,” a press release reads. The plan is to increase its investment in its existing film business while expanding new growth initiatives, including its event cinema label Crosswalk.
Bleecker Street will also remain an active buyer and distributor in the marketplace, and its current slate and all existing commitments will continue without disruption.
“Bleecker Street is growing, and our ambition is to continue scaling the company while staying true to what has always made us distinctive,” said Sanderson in a statement. “Outerlight shares our belief in the power of cinema and the importance of theatrical moviegoing, and its long-term backing gives us additional capacity to pursue the opportunities we see across our core film business as well as compelling new avenues in the film space. We’re excited about what we can build from here.”
The company has a big fall with the release of Alex Gibney’s four-hour documentary “MUSK” and the well-reviewed Helen Mirren-Alden Ehrenreich thriller “A Talent for Murder.”
In addition to Bleecker Street and Topic Studios, Outerlight also owns and operates Puzzle Pictures and has investments in MHz Choice and Passionflix.
Bleecker Street Media was advised on the transaction by Sandy Climan of Entertainment Media Ventures and Matthew Wilkens of 44 Greenwich. Pryor Cashman represented Outerlight Entertainment on the transaction.
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