French global media group Canal+ said on Tuesday it had acquired a majority stake in Lucky Red, one of Italy’s leading independent film distribution and production company, giving the group its first operational foothold in the country.
Lucky Red has produced titles for Netflix, including “Belcanto” and “On My Skin”, and has recently distributed global hits such as “The Boy and the Heron” in Italy.
The deal is part of Canal+’s push to deepen its content portfolio and distribution capabilities, a response to intensifying, competition for intellectual property and consolidation within the film and television sector.
Canal+’s acquisition of Lucky Red follows its purchase of a stake in French cinema group UGC, and adds Italy to its direct distribution across Europe.
The move is intended to unlock more ambitious projects and attract seasoned filmmakers, the companies said. The two are already co-developing upcoming titles including Justine Triet’s “Fonda” and “Amelie” director Jean-Pierre Jeunet’s “Violette”.
Source: Reuters.com