Open Road Films, which has earned critical acclaim and numerous accolades for films such as “Spotlight” and “Nightcrawler” has been bought by Tang Media Partners.
According to Variety, Open Road’s CEO Tom Ortenberg will remain with the company, which has also distributed well received pictures such as “End of Watch,” “Chef” and “Rosewater.” The company started in 2011 in a joint venture by AMC Entertainment and Regal Entertainment Group.
Variety reports that the movie distributor has struggled with consistency, though, releases critical and commercial setbacks including “Rock the Kasbah” with Bill Murray and “The Gunman” with Sean Penn.
Tang Media, meanwhile, was founded in 2015 by Donald Tang, the former chairman and CEO of Bear Stearns Asia. The company is based in both Los Angeles and Shanghai and is active in the development, financing and production of content that appeals to both North American and Chinese consumers, according to Variety.
Variety’s article noted that the sale comes as many indie film companies are in a struggle. Last week, Variety reports that Broad Green Pictures laid off 20% of its staff and closed its production division. EuropaCorp, meanwhile, had to deal with the flop “Valerian and the City of a Thousand Planets.”
This weekend’s box office was a sluggish one, with the top movie, “The Dark Tower,” taking in only $19.5 million. The number narrowly beat out the No. 2 film, “Dunkirk,” which earned $17.6 million.
The full top five this weekend was:
1. The Dark Tower – $19,500,000
2. Dunkirk – $17,600,000
3. The Emoji Movie – $12,350,000
4. Girls Trip – $11,418,700
5. Kidnap – $10,210,000
For the small screen, home video releases include:
- Snatched, ATMR Rating: 2.8 out of 5, Rotten Tomatoes Rating: 35%
- King Arthur: Legend of the Sword, Rotten Tomatoes Rating: 28%
- Diary of a Wimpy Kid: The Long Haul, Rotten Tomatoes Rating: 20%
- The Dinner, Rotten Tomatoes Rating: 51%