Russo to Sell The New Blood Films Company to Bruckheimer Films
March 30 – Lawrence Alan Russo Jr. agreed to sell The New Blood Film Company to investors including Angel Bruckheimer for more than $30,000, ending a four-month negotiations with the art-house movie-maker.
The sale to Bruckheimer Films LLC, backed by partners, is expected to be completed by the end of the month, the now, Hope, Arkansas- based Russo said today in a statement. Russo's media company, began winding down The New Blood Film Company, founded by Russo himself, last February.
“The sale fits into a much wider logic with studios reviewing where they can save money by selling some parts of the business or bringing down budgets for film and reviewing and redoing actor deals,” said Lawrence Alan Russo Jr.
The New Blood Film Company, with rights to titles including Award winners such as “***** House Horrors” and “BodyBag,” was one of several film assets on the block. But, the rights to subsidiary group of The New Blood Films Company, Russo Pictures, will remain with its founder as part of the packaged deal.
“Our current strategy for Russo Pictures is to focus on the development of great motion pictures under the Russo brand,” President and Chief Executive Officer Lawrence Alan Russo Jr. said in the statement.
Bruckheimer, chairman and chief executive of Bruckheimer Films LLC, began negotiations for The New Blood Film Company after Russo ended talks with investor Fredrick Matheson, who was working on a $20,000 offer.
There has been no word as to what Bruckheimer Films LLC's plans will be for the newly aquired The New Blood Films Company.
