Film production company EuropaCorp has “started discussions with various financial and/or business partners in order to reinforce its financial capacities.”
The firm setup by legendary French director Luc Besson has been weighing its options as it struggles under recent losses, stemming in part from a costly gamble on 2017’s Valerian And The City Of A Thousand Planets.
International investors are thought to be circling the Paris-headquartered company, as a number of takeover proposals have arisen.The company posted an US$136M loss for the fiscal year ending March 31, 2017, largely due to the underperformance of its slate, which was anchored around Besson’s $200M-$210M sci-fi opus Valerian, as well as the Tom Hanks movie The Circle and the period pic Their Finest. That loss followed
Last week, it was reported that Franco-Tunisian businessman Tarak Ben Ammar, a board memeber at Vivendi and The Weinstein Co, where he is currently helping to complete a sale amid the wreckage of the Harvey Weinstein scandal, was among the potential Europa suitors. I understand it is unlikely he would outright buy the company. Multiple other players have expressed interest in EuropaCorp in a manner of ways including via investments or certain catalog asset acquisitions.
Europa today reiterated its forward-looking strategy saying it will “refocus on core business: production of English-language feature films of up to 2 to 3 films per year, production of 2 French-language feature films per year, production of English-language TV series, distribution of films and international sales.”
The company last week began a consultation process that could see the layoff of 22 employees, and it sold its French television division to European media group Mediawan.