EXCLUSIVE: Gravitas Ventures is about to hang up the “for sale” sign. It has hired investment bank Salem Partners to seek out a buyer for the cable VOD and digital distribution company whose films and documentaries include All Things Must Pass, Being Evel and For the Love of Spock.
Gravitas founders Nolan Gallagher and Michael Murphy made the decision after they were approached by several companies interested in securing a pipeline to cable VOD and fast-growing digital streaming providers including Amazon and Netflix, we’re told.
Those who have approached Gravitas include at least one U.S. distributor eager to improve its digital ties, an international firm looking for a foothold in the U.S. and a digital streaming provider that wants to deepen its content library.
Gravitas, founded in 2006, has worldwide rights to more than 2,000 titles and releases more than 400 new ones each year.
There’s no word on how much Gravitas might cost; it has not raised outside capital, which would require a valuation, and is debt-free. It’s said to be on track to generate about $30 million in revenue this year. Its closest competitors are Magnolia Pictures and FilmRise. (Magnolia rejects any comparison, saying that it has “never competed with them for a film.”)
Gallagher and Murphy are open to running Gravitas at a buyer’s operation but do not plan to make that a condition for a sale.
Salem will identify potential buyers and distribute an offering book in early January. A deal could close by the end of March.
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