EuropaCorp Group said it has sold its 1,500-title strong music catalog to Sony/ATV Group for $16.6 million.
Additionally, the deal gives Sony/ATV the right to administer music royalties for future film and television titles from EuropaCorp. An additional $2.2 million may be added to the total purchase price, depending on results, the company said.
The package includes titles from films such as Taken and Lucy; composers whose work is included in the package include Eric Serra, Alexandre Desplat, and band Massive Attack.
EuropaCorp made the announcement shortly before releasing its financial results for the fiscal year ending March 31, in which the company lost nearly $137 million largely due to “disappointing box-office revenues,” including losses on English-language titles 9 Lives, Shut In, Miss Sloane and The Circle. As a result, the company — which is preparing to release the lavishly mounted science fiction adventure Valerian and the City of a Thousand Planets — is planning to tailor its ambitions a little more closely to the creative urges of that film’s director.
“[The] company is refocusing development and production to more closely reflect core strengths in action, sci-fi genres and with greater emphasis on productions written and directed by company founder Luc Besson,” EuropaCorp promised in a press release. Still in the queue are upcoming films including director Benoît Jacquot’s Eva, starring Isabelle Huppert, Renegades, starring J.K. Simmons, and Sparring, starring Mathieu Kassovitz.