Byron Allen’s film distribution company Entertainment Studios is expanding overseas. The company said on Monday it is launching a new international sales and distribution division.
The new division, titled Entertainment Studios Motion Pictures International (ESMPI), is being launched in partnership with FilmNation Entertainment, which will now handle international distribution of wide-release theatrical titles where Entertainment Studios has worldwide rights.
“International feature film distribution is a natural extension of the expanding reach of our global media, content, and technology company,” said Allen, Entertainment Studios founder and CEO, in a statement. “As we continue to distribute content across an ever-increasing number of domestic and global broadcast television, network television, theatrical, and digital platforms, it is only natural for us to incorporate worldwide movie distribution into our overall content distribution strategy going forward, and FilmNation Entertainment is the perfect partner for us to achieve this goal.”
Earlier this month, Entertainment Studios secured a $500 million credit facility to help grow the business.
The credit facilities were a combination of numerous types of loans, and organized by Deutsche Bank Securities, Inc., Jefferies Financial Group, Brightwood Capital Advisors, and Comerica Bank.
The studio said on Monday that the first title it will finance and release internationally will be “47 Meters Down: The Next Chapter,” a sequel to the company’s surprise hit “47 Meters Down.” The film just started pre-production.
The shark thriller sequel will be released domestically on approximately 3,500 screens on June 28, 2019. “47 Meters Down” grossed over $44.3 million on a $5.5 million budget, making it the highest-grossing independent movie of 2017. Entertainment Studios bought the title from Dimension Films, which had initially planned to release the movie on home video. “47 Meters Down: The Next Chapter” is directed by Johannes Roberts, the filmmaker behind the first installment. Roberts wrote the screenplay with Ernest Riera. The film is being produced by The Fyzz’s James Harris, Mark Lane and Robert Jones, all of whom were involved with the initial production.
“Entertainment Studios is an exciting, creative, and innovative media company that is committed to delivering high-quality content worldwide,” said FilmNation Entertainment founder and CEO, Glen Basner. “This global distribution partnership is well-positioned to fill a huge void in the marketplace.”