French film producer and cinema operator Pathé has sold a 20 percent stake as part of a “strategic partnership” with Merit France, the holding company of the family of French-Lebanese logistics magnate Rodolphe Saadé.
Financial details of the deal, unveiled on Monday, weren’t disclosed.
“Amid a rapidly evolving macroeconomic and industrial landscape rich with opportunity, this transaction is aimed at equipping Pathé with the resources needed to accelerate its growth — particularly in the production of internationally-oriented films and series, as well as the modernization of its cinema network to offer customers a premium, innovative experience unmatched in Europe,” the company said. “This long-term partnership enables Rodolphe Saadé and his family to continue diversifying their assets into the cultural sector.”
The Monday news of the deal came a day before the 78th edition of the Cannes Film Festival opens with Pathé’s Amélie Bonnin-directed movie Leave One Day, starring Juliette Armanet, Bastien Bouillon, François Rollin, Tewfik Jallab, Dominique Blanc, Mhamed Arezki, Pierre-Antoine Billon, and Amandine Dewasmes. “As Cécile prepares to realize her dream of opening her own gourmet restaurant, she must return to her childhood village following her father’s heart attack,” reads a synopsis of the film. “Far from the hustle and bustle of Paris, she encounters her childhood sweetheart again. Memories resurface, and her certainties waver.”
Jérôme Seydoux, the chairman of Pathé and the grandfather of actress Léa Seydoux, said: “Welcoming the Saadé family as a partner will accelerate the growth and modernization of Pathé. It will also allow us to continue working with the talent we value and to attract those who share our ambitions and aim for international success.”
Saadé lauded Pathé as “a flagship brand for film lovers both in France and worldwide,” adding: “We are committed to supporting the development of the industry and promoting French cinematic culture around the globe.”
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