Cannes’ New UK Buyer? Icon Could Resurface With Backing From Prescience

By Nancy Tartaglione, Joe Utichi

EXCLUSIVE: There have been seismic shifts in the UK’s indie distribution sector over the past few months, and more are in the cards. In what could be seen as a healthy sign for the industry, we’re hearing that Icon Distribution is set to re-emerge, backed by film fund Prescience, financier of The King’s Speech. The Icon UK Group, owned by Len Blavatnik’s Access Industries, pulled out of the distribution business in 2011 to focus on in-house film finance and production. At the time, it pacted with Lionsgate UK to handle its theatrical titles and recently announced a deal for Icon Entertainment International’s library to be repped by Exclusive Media. We understand that Prescience is close to a deal to acquire what remains of Icon Distribution in the UK, led by Icon executive Ian Dawson. We hear a deal has been in the works for some time and there’s a chance it may not make, but expectations are that the new company could launch in time to be buying at May’s Cannes Film Market.

Related: Lionsgate UK To Distribute Icon Titles, But No News On Library Deal

The timing looks fortuitous given the changing outline of the UK’s distribution landscape. Already this year, eOne’s takeover of Alliance folded in Momentum, eliminating a key buyer. The resultant drop in prices was loudly lamented by sales agents in Berlin. One exec tells us, “If you’re a producer or a sales agent selling to the UK, you used to say you needed to get eOne and Momentum in a bidding war,” and that’s clearly not happening anymore. But another distributor welcomes the rationalization of the market where prices were inflated by having too many distribs competing for the same films. Another tells us, “It’s shaking out the rubbish that’s out there and the projects that are un-financeable.”

Still, an overwhelmingly common refrain is that there is a real opportunity for another distributor to surface. A revived Icon could fill that space. Another name that pops up as a potentially aggressive player is Koch Media, the UK arm of the German giant. It released Arbitrage and Red Dawn earlier this month. Koch, a rival distributor opines, “has a shitload of money to burn through. That’s the first thing you need.” (more…)

This article was printed from https://deadline.com/2013/03/a-new-uk-buyer-in-cannes-icon-could-resurface-with-backing-from-prescience-460836/