There will be a new buyer on the Croisette this year at the Cannes Film Festival. "Power Rangers" powerhouse Haim Saban, Chairman and Chief Executive Officer of Saban Capital Group, Inc. ("SCG"), announced the launch of Saban Films today.
The new company will look to acquire eight to 10 feature films per year and distribute in North America via a major studio distribution partner, with whom Saban Films is currently in talks.
"I have a long-standing and deep affection for independent film and saw an opportunity in the theatrical distribution arena as well as an emerging distribution platform strategy that focuses on cable, satellite, and telco VOD," said Saban in a statement. "Film is a natural progression for Saban Capital Group with existing interests already in television, media and brands."
Former RLJ Entertainment executive Bill Bromiley has joined the new company as the President of Saban Films. Bromiley will be at Cannes looking to acquire films in all stages of production -- to be released theatrically, as well as across multiple digital platforms including a day and date release strategy.
The management team of the new venture will also include Shanan Becker, Chief Financial Officer and Ness Saban, Director of Business Development.
"The film distribution business is ever-changing as the audiences’ choices of consuming entertainment expand every day. There is still a need for smart, commercial product which is marketed and distributed properly. We have a low-risk, high-reward distribution business model which is attractive for filmmakers," said Bromley, who previously served as Chief Acquisitions Officer of RJL Entertainment (formerly Image Entertainment).