First Look and ContentFilm End Merger Talks
by Eugene Hernandez
First Look Media announced Thursday that it has ended merger discussions with ContentFilm. While ContentFilm executives announced in June that they were pursuing the acquisition, First Look CEO and co-chairman Chris Cooney said Thursday that a mutual decision was made to terminate merger discussions.
"During the due diligence process, both parties agreed to end negotiations which proceeded after their previously announced non-binding letter of intent signed at the end of June," First Look Media said in an announcement. "The parties were unable to resolve certain business issues in regards to their initial agreement."
First Look maintains three divisions, including a worldwide licensing and distribution operation, First Look International, a U.S. theatrical arm, First Look Pictures, and a video business, First Look Home Entertainment.
"Both companies determined that it was not in the best interests of either First Look Media or ContentFilm, and their respective stockholders, to proceed with the merge. We both remain open, however, to possible future transactions and partnerships on specific film prospects," said First Look's Cooney and ContentFilm's John Schmidt, in a joint statement.
First Look maintains a library of more than 350 titles and has recently been revitalized with new leadership. Chris Cooney and president & COO, Bill Lischak head the company. Lischak joined First Look Media as its president last year, appointed by Cooney following Robbie Little's decision to leave day-to-day duties at the company. Late last year, First Look's MJ Peckos and Bob Myerson left the company to form Dada Films.