Open Road Films, which declared bankruptcy two years ago, is relaunching with funding from Raven Capital Management. It will release Liam Neeson’s thriller “Honest Thief” later th…
for $87.5 million to Raven, after parent company Tang Media Partners failed to raise fresh capital from its Chinese backers.
Led by Raven Principal James Masciello with support from Matt Sidari, Open Road Films said it will resume acquiring and releasing films theatrically in partnership with Tom Ortenberg’s Briarcliff Entertainment. Ortenberg was founding CEO of Open Road Films from 2011 to 2017 before he was ousted. “Honest Thief” is directed by Mark Williams, co-creator of the Netflix series “Ozark,” from a script by Steve Allrich. Neeson portrays a bank robber who tries to turn himself in because he’s falling in love with a woman — played by Kate Walsh — who works at a storage facility where he’s stashed his loot. Complications ensue when his case is turned over to a corrupt FBI agent.
“It is a natural extension of the single picture and post theatrical distribution capabilities that we’ve been building out for the better part of a decade,” he added. “We’re not naïve to the impact of the COVID-19 pandemic. It has and will continue to create unique challenges, but the cinematic experience is not going away, and challenges create opportunity. Across all industries, Raven has built its platform brick by brick with a focus on sustainability over scalability.
Open Road scored its biggest success with 2016 Oscar best picture winner “Spotlight.” Raven’s purchase of Open Road Films in 2018 included the rights to 45 released film titles including “A Haunted House,” “Chef,” “Dope,” “End of Watch,” “The Grey,” and “Snowden.”
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