Lionsgate buys Mandate Pictures
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Joe Drake tapped as president of Motion Picture Group
By Ned Randolph -- Video Business, 9/10/2007
SEPT. 10 | Lionsgate has acquired independent production and distribution company Mandate Pictures, bringing former Lionsgate international distribution chief Joe Drake back to the studio.
Mandate co-founder and CEO Drake left Lionsgate six years ago to form Mandate, but he will return to Lionsgate as co-chief operating officer and president of Lionsgate's Motion Picture Group.
The acquisition will expand Lionsgate's 11,000-title film library and secure international rights to films released by other major studios. Mandate Pictures claims such production titles as: Stranger Than Fiction, staring Will Ferrell; Harold & Kumar Go to White Castle; Mr. Mogrium's Wonder Emporium, staring Dustin Hoffman and Natalie Portman; as well as joint ownership of The Grudge, Boogeyman and Grudge 2.
Mandate will continue to operate under its existing brand.
The $56.3 million acquisition deal consists of $44.3 million in cash and $12 million in stock to be released over 18 months. Lionsgate also will assume $6.6 million in debt from Mandate, which it will pay off immediately.
