Bac Majestic recovers
Bac Majestic is showing signs of recovery after coming close to bankruptcy in September.
This week, France’s premiere independent film distributor announced a turnover of Euros 68.8 million for the first nine months of 2002 and a 15.4 per cent annual rate of growth.
The reason for the upturn in business is the 20 per cent increase in Bac Majestic’s theatrical distribution activities, this resulted in the company reporting a Euros 42.5 million profit, thanks mainly to a number of important titles like 8 Women (3.2 million tickets sold), L’auberge espagnole (2.8 million) and The Pianist (1.5 million).
Bac Majestic's homevideo subsidiary, Wild Side Video made a Euros 12.1 million profit, and the HV sector is currently expanding at the rate of 210 per cent.
Although these positive results mean that bankruptcy is no longer imminent, the announced separation between Bac Majestic and StudioCanal is going ahead, as is the division of Bac Distribution, the mutually owned subsidiary which consists of Bac Films for Bac Majestic and Mars Films for StudioCanal. Talks are still underway and the this joint distribution venture will now be brought to an end in 2003.
(Translated from French)
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