Recon Acquires Majority Stake In Millenium
Millenium Public-listed China-based Recon Holding has reportedly acquired the majority interest in the independent film staple, Millennium Films according to a new press announcement. News of the deal in its development began circulating as early as last week. The terms of the deal confirm that Recon Holding’s 51% acquisition majority ownership stake in Millennium Films for $100 million (RMB 688 million) and its 300-film library with the option to acquire the remaining 49% thereafter. Avi Lerner and Trevor Short, who founded Millenium as a subsidiary of Nu Image in 1996, are remaining on board as Chief Executive Officer and Millennium Films and Chief Operating Officer, respectively, while Recon Chairman Dr. Tony Xia will serve as Chairman of Millennium Films. The company is best known for its franchise properties including Rambo as well as The Expendables which is on deck to shoot a fourth installment this year, and the Gerard Butler […]