Rising Capital

First Look Media has found a partner it can do business with in Capital Entertainment, founded by Henry D. Winterstern. As reported in Variety (see article), after the companies merge, the combined entity will be called First Look Studios, with Winterstern serving as CEO and co-chairman with First Look's CEO Chris Cooney. First Look brings a library with over 400 titles, including "Waking Ned Devine," and "The Secret of Roan Inish" and a foreign sales operations, while Capital has a strong home entertainment distribution buisness with "American Idol," "Baywatch," and "Thirtysomething."

From the press release,

Mr. Winterstern commented: "This is the perfect marriage of two companies who bring unique strengths and assets to form a highly competitive business. First Look's strong home entertainment operations, foreign sales arm, significant library and position in the marketplace is enhanced by Capital Entertainment's high profile DVD properties..."

On an interesting sidenote, this marks two transactions featuring independent DVD distribution companies joining forces with complementary companies. Also of note, the targets both seem to have more attractive websites.