French movie studio Pathé has introduced a strategic partnership with French Lebanese logistics tycoon Rodolphe Saadé, below which his household holding firm Merit France has taken a 20% stake within the firm.
Founded in Founded in 1896, Pathé is France’s largest and oldest movie firm spanning manufacturing, distribution and exhibition. The firm stated the transfer would assist speed up its development in an evolving macroeconomic and industrial panorama.
News of the funding fell on the eve of the Cannes Film Festival, the place Pathé might be out in pressure this yr with opening movie Leave One Day and Martin Bourboulon’s fall of Kabul-set drama 13 Days And 13 Nights, which was a late addition to Official Selection final week.
The firm added that the funding could be utilized in specific for the manufacturing of internationally-oriented movies and sequence, in addition to the modernization of its cinema community throughout Europe.
The Saadé household fortune derives from transport and logistics transport large CMA CGM Group, based by Jacques Saadé in 1978 and now run by his son Rodolphe Saadé.
The group has diversified its exercise into media lately, with the acquisition of France’s BFMTV and the RMC radio station from Altice Media final yr, as nicely the La Provence, Corse-Matin and La Tribune newspapers.
“Welcoming the Saadé family as a partner will accelerate the growth and modernization of Pathé. It will also allow us to continue working with the talent we value and to attract those who share our ambitions and aim for international success,” stated long-running, veteran Pathé President Jérôme Seydoux.
“We are proud to partner with Jérôme Seydoux and his family in Pathé, a flagship brand for film lovers both in France and worldwide. We are committed to supporting the development of the industry and promoting French cinematic culture around the globe,” added Saadé.