Alliance Entertainment Inks Exclusive Partnership with Magenta Light Studios
PLANTATION, Fla., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Distribution Solutions, a division of Alliance Entertainment (NASDAQ:AENT), has announced an exclusive distribution partnership with Magenta Light Studios for physical home entertainment releases in the US and Canada.
Distribution Solutions will handle domestic sales for all forthcoming Magenta Light Studios physical releases, as well as authoring, manufacturing and trade marketing for their slate.
"With Distribution Solutions, we've found a partner who shares our passion and commitment to bringing a versatile slate of films to audiences," said Bob Yari, Co-CEO of Magenta Light Studios. "We're excited to kick things off with Strange Darling."
The first title hitting the market under this agreement will be the November 12, 2024 DVD and Blu-ray release of indie box office success Strange Darling. The horror genre film starring Willa Fitzgerald, Kyle Gallner, Barbara Hershey, and Ed Begley, Jr. reached $3M at the domestic box office. The movie has a 95% Critics Score on Rotten Tomatoes, with a Certified Fresh rating.
"This deal launches an exciting, new partnership with Magenta Light Studios," said Ilia Beizerman, SVP of Operations and Strategic Partnerships. "Strange Darling is a strong release to add to our Q4 and reinforces our commitment to fans and collectors of high-quality films on physical media."
About Magenta Light Studios
Magenta Light Studios is a new production and distribution company formed by veteran producer Bob Yari. Founded on a principle to fill a crucial hole within the theatrical and television space, the studio looks to produce, distribute, and develop a versatile slate with an emphasis on storytelling and collaboration with its creators. Magenta Light Studios is dedicated to delivering quality independent films to the theatrical marketplace.
The studio's principal founder Bob Yari is best known for producing the 2004 drama Crash, which won the Academy Award for best picture. His credits include early-aughts films like Uma Thurman and Meryl Streep's Prime and Edward Norton's The Illusionist. More recently he's served as executive producer on the massively lucrative Taylor Sheridan storytelling universe at Paramount, centered around Yellowstone and its many spinoffs.
Magenta Light Studios' upcoming project includes the release of JT Mollner's cat-and-mouse thriller Strange Darling starring Willa Fitzgerald and Kyle Gallner and Ed Kaplan's Summerhouse starring Malcolm McDowell and Jacob Ward.
About Distribution Solutions
Distribution Solutions, a division of Alliance Entertainment, is the largest aggregator and downstream distributor of independent and major studio film labels in North America. We are a supplier to all major and independent retailers, in addition to handling digital sales, delivery, and SVOD/linear licensing for over 60 content providers. Our partners include Disney, Lionsgate, DECAL, Criterion, Mill Creek Entertainment, AMC Networks/RLJ Entertainment, Vertical and Cineverse.
Distribution Solutions offers comprehensive in-house Post-Production Services, Consumer Marketing, Design Services and Turnkey Operations Management—everything it takes to set our partners up for success. For more information, visit www.ds.aent.com.
About Alliance Entertainment
Alliance Entertainment (NASDAQ:AENT) is a premier distributor of music, movies, toys, collectibles, and consumer electronics. We offer over 325,000 unique in-stock SKU's, including over 57,300 exclusive compact discs, vinyl LP records, DVDs, Blu-rays, and video games. Complementing our vast media catalog, we also stock a full array of related accessories, toys, and collectibles. With more than thirty-five years of distribution experience, Alliance Entertainment serves customers of every size, providing a robust suite of services to resellers and retailers worldwide. Our efficient processing and essential seller tools noticeably reduce the costs associated with administrating multiple vendor relationships, while helping omni-channel retailers expand their product selection and fulfillment goals. For more information, visit www.aent.com.
Forward Looking Statements
Certain statements included in this Press Release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether identified in this Press Release, and on the current expectations of Alliance's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Alliance. These forward-looking statements are subject to a number of risks and uncertainties, including risks relating to the anticipated growth rates and market opportunities; changes in applicable laws or regulations; the ability of Alliance to execute its business model, including market acceptance of its systems and related services; Alliance's reliance on a concentration of suppliers for its products and services; increases in Alliance's costs, disruption of supply, or shortage of products and materials; Alliance's dependence on a concentration of customers, and failure to add new customers or expand sales to Alliance's existing customers; increased Alliance inventory and risk of obsolescence; Alliance's significant amount of indebtedness; our ability to refinance our existing indebtedness; our ability to continue as a going concern absent access to sources of liquidity; risks and failure by Alliance to meet the covenant requirements of its revolving credit facility, including a fixed charge coverage ratio; risks that a breach of the revolving credit facility, including Alliance's recent breach of the covenant requirements, could result in the lender declaring a default and that the full outstanding amount under the revolving credit facility could be immediately due in full, which would have severe adverse consequences for the Company; known or future litigation and regulatory enforcement risks, including the diversion of time and attention and the additional costs and demands on Alliance's resources; Alliance's business being adversely affected by increased inflation, higher interest rates and other adverse economic, business, and/or competitive factors; geopolitical risk and changes in applicable laws or regulations; risk that the COVID-19 pandemic, and local, state, and federal responses to addressing the pandemic may have an adverse effect on our business operations, as well as our financial condition and results of operations; substantial regulations, which are evolving, and unfavorable changes or failure by Alliance to comply with these regulations; product liability claims, which could harm Alliance's financial condition and liquidity if Alliance is not able to successfully defend or insure against such claims; availability of additional capital to support business growth; and the inability of Alliance to develop and maintain effective internal controls.
For investor inquiries, please contact:
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
[email protected]
