Dutch-owned music and entertainment group PolyGram NV said Tuesday it acquired International Television Corp.’s Entertainment Group, maker of hit movies “Return of the Pink Panther” and “On Golden Pond,” for $156 million.
PolyGram’s 3-year-old film and television division, which made its name with last year’s runaway hit, “Four Weddings and a Funeral,” will be swelled by Los Angeles-based ITC’s library of more than 350 movies and 10,000 hours of programming.
The recording giant also gets ITC’s worldwide distribution operations, notably its North American syndicated television business.
“This acquisition represents a further implementation of our strategy for building a fully integrated studio,” said Michael Kuhn, president of PolyGram Filmed Entertainment.
“We’ll be in 50 percent of the world markets by the end of the year. I want to get that to 80 to 90 percent in the next couple of years,” Kuhn added in an interview. “Most of all, I want a string of hit movies.”
