Red Arrow Entertainment, the Munich-based content arm of German broadcast giant ProSiebenSat.1 is getting into the movie business, buying L.A.-based Gravitas Ventures.

The two parties have been in talks since March and have now sealed a deal which sees Red Arrow buy a majority stake in Gravitas, with a view to eventually taking full ownership. Red Arrow International, the company’s distribution arm, and Gravitas will work side by side but remain separate distribution brands.

“We weren’t explicitly looking to be in the film business, but we were looking to be deeper in the content business. And the fact is being better at distribution and having more capacity to access, finance, and own projects, and then distribute more compelling packages and catalogue, is key for us,” Red Arrow Entertainment Chairman and CEO Jan Frouman told Variety.

To view full article, click here