French production/distribution company Millimages is selling its controlling stake in Paris-based documentary prodco Gedeon Programmes. Millimages’ 65.1% stake is being sold to SM Participations, the holding company of Gedeon founder Stéphane Millière. Authorized by Millimages’ board of directors at the end of last month, the draft agreement for the sale was drawn up on July 16. The transaction, to be conducted entirely in cash, is subject to a suspension clause in the event that SM Participations doesn’t produce the funds to complete the sale. Gedeon contributed 25% of Millimages’ revenues in 2009, reporting an annual turnover of €7.7 million. Millimages says it plans to focus on its animation work and on film distribution through its subsidiary, Bac Majestic. Millimages first acquired a controlling stake in Gedeon in 2002.
- Summit ’21