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.
Valerian and the City of a Thousand Planets
Photo: STXfilms
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.
