Global film production and distribution company Medient Studios announced that it has entered into a memorandum of understanding (NASDAQ:MOU) with Atlas International Film GmbH, under which the Germany-based Atlas will act as sales agent for Medient's initial slate of movies.
Under the terms of the MOU, Atlas will provide a sales advance of up to $30 million to form a portion of the financing for the movies in the slate. It is anticipated that Medient's annual output will reach between eight and 12 movies, with budgets ranging from $2 million to $40 million. The MOU consolidates Atlas' relationship with Medient and will further add a consistent flow of quality movies to the extensive products already exploited by Atlas.
"Atlas has a long and proud history of marketing and selling movies and we are delighted that it shares our vision," said Medient Chairman and CEO Manu Kumaran. "The formalization of this relationship is one step further in creating the circle of strategic alliances to realize the mega-studio complex in Effingham, GA."
Atlas was founded by the Menz family in 1967, and the company's core business is the global licensing of feature films, series, and documentaries for all media. The Menz family additionally owns American Atlas International Films, Inc. as well as the production companies Atlas Film & TV Production GmbH and Menz & Friends GmbH.
A publicly listed global film production and distribution company, Medient has a strong presence in North America and India - the two largest movie markets in the world. The company's management team boasts around 150 years of experience in the motion picture industry and has produced and/or financed more than 250 movies. Around 14 movies, two music acts, and several hundred live performance shows have also been produced under the Medient banner. Medient is currently in the process of substantially scaling up its operations, including a planned entry into the electronic games sector.
For more information, visit medient.com
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