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More details from screendaily.com (A source insisted that 80% of Magnolia's releases went into profit, even though the company is for sales)
With Sundance about to kick off this week, Screendaily has learned that Mark Cuban has turned down multiple bids for the distributor and remains open to a possible sale.
Magnolia, which belongs to the Wagner/Cuban Companies fold along with sales division Magnolia International, genre label Magnet Releasing and a home entertainment division, is expected to be one of the more active buyers on the prowl in Park City, just as it was last year.
However Cuban, who has declined several approaches for Magnolia and would not name the parties involved, needs no reminding of the distribution arm’s commercial appeal thanks to an increasingly prestigious and eclectic slate. The billionaire entrepreneur is keeping an eye out for potential bidders.
A source at the company recently claimed that 80% of titles went into profit thanks to a combination of targeted theatrical release and often day-and-date exposure on the Ultra VOD programme.
“We’ve always been up for sale, for the right price,” Cuban told Screendaily late last week. It is understood Landmark Theatres, the exhibition element in Cuban and Wagner’s vertically integrated empire, remains on the block. It is unclear if Cuban wants to divest himself of the cable networks HDNet and HDNet Movies.
Magnolia bought five films at the festival last year – Countdown To Zero, The Extra Man, Night Catches Us, Smash His Camera and Casino Jack And The United States Of Money – and has already stamped its mark on Sundance 2011.
Magnet recently pounced on Jason Eisener’s upcoming Park City At Midnight world premiere Hobo With A Shotgun after earlier acquiring rights to two other festival entries – Kim Jee-woon’s Korean thriller I Saw The Devil (pictured) and Norwegian director Andre Ovredal’s found-footage shocker The Troll Hunter.
The Scandinavian creature feature was a hot seller for Magnolia International at AFM last autumn and spurred deals in the UK (Momentum), Australia (Madman) and Japan (Twin), among others. Weeks before the AFM, Universal / UPI acquired a slew of rights from the producers that included France, Spain, Italy, Germany and Russia.
Magnolia’s prestige titles incude Luca Guadagnino’s Golden Globe foreign language nominee I Am Love, Gareth Edwards SXSW sensation Monsters, Tomas Alfredson’s Swedish vampire hit Let The Right One In, Lynn Shelton’s Sundance 2009 crowd-pleaser Humpday and Bong Joon-Ho’s Korean one-two punch of The Host and Mother.
THR: The Guard Receives Raucous Reception at Sundance [TGARD] Jan 21, 13:37
I was there last night... movie's good but I think the audience reaction was a bit overblown by the presence of stars. Jan 21, 15:35
right now the asking price is out of Magnolia's price range. I can see it going to IFC though {nm} Jan 21, 15:46
IFC has more money than Magnolia? I think Magnolia would do better with it. {nm} Jan 21, 15:54
its not about how much money they have, its about how much money they are willing to front {nm} Jan 21, 16:44
Rumor is that Magnolia may be for sales Jan 21, 16:53
More details from screendaily.com (A source insisted that 80% of Magnolia's releases went into profit, even though the company is for sales) Jan 21, 16:56
âWeâve always been up for sale, for the right price,â which is exactly what i said yesterday. This is non news {nm} Jan 21, 17:05
DL is saying "Reaction to last night's Irish entry The Guard and Pariah were mixed", go figure... Jan 21, 20:33
no, he says reaction to Pariah was mixed, and that The Guard has had "the most promising reaction so far" Jan 21, 22:03