As it seeks to climb out of the red, Luc Besson
has sold its French TV production unit for 11 million euros ($13 million).
The business assets were acquired by Thomas Anargyros
, who is the CEO of EuropaCorp Television
. Anargyros has been heading EuropaCorp
’s TV division since its launch in 2010, when his production banner, Cipango, was acquired by EuropaCorp
. Anargyros had founded Cipango with Edouard de Vesinne
, who became deputy CEO of EuropaCorp
in 2016 and was ousted in September.
The sale of the French TV business fits into EuropaCorp
’s scaled-back strategy to focus on fewer films and English-language series, as well as cut overhead. EuropaCorp
said the sale will allow the company to reduce its overhead by about 2.5 million euros ($2.9 million) and 3 million euros ($3.5 million) per year.
A week ago, Marc Shmuger
, who was hired on a renewable six-month contract in 2016, announced he would be stepping down as CEO of EuropaCorp
at the end of