Tang Media Partners Acquires Open Road Films
Global entertainment company Tang Media Partners (TMP) today announced its acquisition of leading independent film distributor and producer, Open Road Films, the theatrical motion picture company best known for critically-acclaimed box office hits including "Spotlight" (Oscar Best Picture Winner 2016), "Nightcrawler" (Oscar Nominee for Best Original Screenplay 2014), "Chef" (2014), "End of Watch" (2012), and "The Grey" (2011).
Open Road joins TMP, where it will be complemented by TMP's content creation and data analytics business, and IM Global, a leader in international film sales and distribution. This move rounds out TMP's capability to create, develop, finance, produce, market, and distribute movies in the U.S., China, and internationally.
Open Road's Tom Ortenberg will continue as the motion picture company's CEO. Upcoming releases include the animated family comedy "The Nut Job 2" (August 2017), featuring the voices of Will Arnett and Jackie Chan, "Home Again" (September 2017), starring Reese Witherspoon, written and directed by Hallie Meyers-Shyer, and produced by Nancy Meyers, and the thrilling drama "Marshall" (October 2017), starring Chadwick Boseman as Thurgood Marshall, America's first African-American Supreme Court Justice, along with Josh Gad and Kate Hudson and directed by Reginald Hudlin.
"Open Road is among the best independent theatrical distribution companies in the entertainment world, from its established infrastructure and dedicated leadership, to its solid track record for producing captivating stories," said TMP CEO, Donald Tang. "Open Road's addition to Tang Media Partners is a critical step in our strategy to enable our production team to collaborate with the most talented, visionary filmmakers in bringing targeted content to audiences everywhere."
"Our Open Road team is excited for this new milestone with TMP," said Tom Ortenberg. "We have cultivated a strong reputation with filmmakers who seek theatrical releases outside of the major studio ecosystems. By joining TMP we're able to offer these filmmakers studio capabilities that reach beyond established limits and international borders."
Tang Media Partners acquired Open Road from AMC Entertainment Inc. (AMC) and Regal Entertainment Group (Regal) as part of a larger, overall $500 million expansion plan. A Los Angeles-based company, TMP completed a major round of funding earlier this year from its broad base of strategic shareholders and partners, including return investor Tencent Holdings. Both AMC and Regal will remain partners with Open Road through a long-term marketing partnership.
"The independent film segment that Open Road occupies is an important part of the theatrical exhibition ecosystem giving a platform to countless filmmakers who create truly unique content that impacts moviegoers around the world," said AMC Entertainment Inc. and Regal Entertainment Group in a joint statement. "We strongly support the transition of Open Road to TMP and share in TMP's vision for the evolving theatrical landscape made possible by this new partnership."
About Tang Media Partners (TMP) Founded in 2015 by businessman and entrepreneur, Donald Tang, Tang Media Partners (TMP) is a next generation global studio dedicated to developing, financing, producing, and distributing premium content for film, television and digital initiatives. Backed by an elite group of shareholders and partners including technology giant Tencent Holdings, TMP's growing operating platform includes IM Global, which has international film sales and production financing capabilities and a television joint venture with Tencent, and Open Road, a producer and distributor of top box office hits in North America. TMP is headquartered in Los Angeles with additional offices in China.
About Open Road Films Open Road Films is a leading independent, theatrical motion picture company releasing a diverse slate of star-driven films, which have included multiple top releases to enormously positive, critical response. Open Road was founded in 2011 by AMC Entertainment Inc. (AMC) and Regal Entertainment Group (Regal), the two largest theatrical exhibition companies in the United States. The uniquely formed company is widely known as a filmmaker-focused distributor that supports both box office hits and top prestige titles.
Open Road led the 2016 critically acclaimed film "Spotlight" to win the Oscar for Best Picture, becoming the youngest studio in history to win the award. The film earned nearly $45 million at the U.S. box-office, stars Michael Keaton, Mark Ruffalo, Rachel McAdams, Liev Schreiber, Stanley Tucci and Billy Crudup, and was directed by Tom McCarthy. Other notable Open Road releases include: "Nightcrawler," starring Jake Gyllenhaal, which took the No. 1 spot at the box-office during its opening week and received an Oscar nomination for Best Original Screenplay; the hit film "Chef," written by, directed by, and starring Jon Favreau; and "The Nut Job," which opened to over $25 million at the box office as the highest-ever opening for an independent animated film.