Lakeshore Entertainment has entered into an agreement to purchase the assets of Trans Atlantic Entertainment, acquiring an extensive library of over 350 film and television titles as well as the company's music rights, it was announced by Lakeshore founder and chairman Tom Rosenberg. The agreement was finalised between Lakeshore principals Rosenberg and president Sigurjon Sighvatsson and Trans Atlantic chairman Bob Bennett and president/ceo Paul Rich.
The purchase is part of Lakeshore's ongoing expansion, which began with a five-year North American output deal with Paramount Pictures. Lakeshore has also seen the recent establishment of a television division as well as a partnership with the BBC to produce films with a European bias. Plans are underway to add another cornerstone to the company's structure in its plans to expand and diversify its asset base.
Among the titles acquired with the Trans Atlantic library are Wanted: Dead or Alive, Heathers, Soul Man, Children of the Corn and the Hellraiser series, as well as recent releases Angela, Female Perversions and Murder in Mind, currently in production starring Nigel Hawthorne.
In making the announcement, chairman Rosenberg stated that, "Lakeshore is committed to building the value of this library through our existing co-production agreement with Paramount as well as the production of smaller, niche films."
Following the asset sale to Lakeshore, Trans Atlantic Entertainment, under Bennett's son Casey, will continue to expand its television production activities, which include such weekly syndicated series as The Extremists with Gabrielle Reece. Trans Atlantic will also continue to co-finance and internationally distribute independent films in the US$3-US$5 million range.
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