The EFO Films library also includes “Broken City,” “Rambo,” and “The Frozen Ground,” as well as films in development such as “Escape Plan 2” and “Asteroids,” an adaptation of the Atari video game. MoviePass CEO Mitch Lowe will hold a seat on the board. Stuart Benson, CFO of Helios, will serve as the CFO of MoviePass Films while Farnsworth will be MoviePass Films’ chairman of the board. “I believe this partnership with Emmett Furla Oasis Films will accelerate those efforts.” “Since we began disrupting the movie industry with our unprecedented low cost movie theater subscription service, MoviePass, we have envisioned owning and developing our own content and using the power of our several million subscribers to bolster the success of our films,” Lowe said in a statement. The partners say that MoviePass Films make new movies both for theatrical release and for other forms of distribution, such as direct-to-streaming services. Helios will own 51% of MoviePass Films, while EFO Films will own the remaining 49% of the company. EFO Films produced the picture, which is how Farnsworth became acquainted with Emmett and Furla. It is releasing “American Animals” on June 1 in collaboration with the Orchard, and it will release “Gotti,” a crime film with John Travolta, on June 15. The financial specifics of the pact were not disclosed.Įven before the pact to buy EFO Films’ library, MoviePass has been inching into the content business. The deal for EFO Films is a combination of cash and stock. In an earlier interview at Cannes, Farnsworth hit back at critics, claiming that the company had roughly $300 million available from an equity line of credit. “This signals our long-term commitment to the movie business,” he said. In an interview with Variety, Helios and Matheson CEO Ted Farnsworth said the deal to acquire EFO Films is a sign that MoviePass remains viable. Helios’ stock did rebound on Monday, rising 15% after it was revealed that Citadel Securities, a leading market maker, had taken a 5.4% stake in the company. Its monthly expenses totaled $21.7 million. The value has declined rapidly since a recent filing with the Securities and Exchange Commission revealed the company had $15.5 million in available cash at the end of April, plus $27.9 million on deposit with merchants. In October, Helios and Matheson’s stock had been trading at $38.86 a share. Last week, Helios and Matheson’s stock fell to 40 cents-a-share, its lowest closing price, amid investor alarm about a cash shortage. The deal comes as MoviePass, best known for allowing customers to see a movie a day for less than $10 a month, is facing questions about its long-term future and current capitalization. Randall Emmett and George Furla will serve as co-CEO’s of the new venture. Helios and Matheson plans to use the library and the filmmaking expertise of EFO Films to launch its own production company, MoviePass Films. If completed, the deal will enable the company to buy the entire film library and current production slate of EFO Films. Helios and Matheson Analytics, the parent company of MoviePass, has acquired the exclusive option to buy Emmett Furla Oasis Films, the producers of “Lone Survivor” and “End of Watch,” Variety has learned.
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