LOS ANGELES, Feb 7 (Reuters) - Movie maker Village Roadshow Pictures Group and Concord Music Group, co-owned by television producer Norman Lear, said on Thursday they completed a merger forming a new company to exploit their film and music assets.
The new company, Village Roadshow Entertainment Group, will be run by Chief Executive Officer Greg Basser, who was CEO of Village Roadshow Pictures Group.
The privately held company expects the combination will lead to new opportunities for Concord Music’s songs to be used in Village Roadshow movies, as well as at radio stations, theaters and other entertainment assets Village Roadshow owns.
In recent years, Village Roadshow has been one of the biggest producers of Hollywood movies, making movies such as the Oscar-winning “Happy Feet” and action-packed “I Am Legend.” It has produced more than 57 films that have grossed more than $8.2 billion in worldwide ticket sales.
Likewise, Concord is a long-time player in the music industry with more than 5,000 albums in its catalogue from artists such as Ray Charles, Miles Davis and Dionne Warwick. Lear has been one of Hollywood’s most prolific TV producers with shows such as “All in the Family” and “Maude.”
Other investors in the new company include Lambert Entertainment and private equity firms Tailwind Capital Partners and Clarity Partners. (Reporting by Bob Tourtellotte)