MoviePass parent Helios and Matheson Analytics is set to obtain film maker Emmett Furla’s Oasis Films, including its film library and recent production slate. Terms of the arrangement were not unveiled, but Helios is paying Randall Emmett and George Furla a combination of money and stock. For EFO Films, which created Lone Survivor and Broken City, the arrangement will permit the parent of the motion picture theatre membership service, which broadly offers 30 cinema tickets at the cost of one, to create MoviePass Films.
“To have such a well-known, quality production company join forces with the Helios/MoviePass group of companies at this early stage in our development is truly remarkable,” said Mitch Lowe, MoviePass CEO. “I believe this partnership with Emmett Furla Oasis Films will accelerate those efforts and demonstrate the power of MoviePass to drive movie theater attendance and downstream sales, for the benefit of moviegoers, movie theaters, studios and the filmed entertainment ecosystem as a whole.”
MoviePass had been attracting moviegoers with a silver screen ticket every day for just $9.95 a month, but the organization has been diluting its motion picture theatre membership offers lately, as its share price falls in the midst of investor doubt. In any case, as the organization grows, MoviePass is hoping its arrangement with EFO Films will build up its own content and utilize its endorser base to enable market to film releases.
“To do a deal with Helios and MoviePass is epic for us. The MoviePass subscription service has totally disrupted the movie industry, for the better,” said Randall Emmett in his own statement.
Helios will claim 51% of the new division, and EFO Films will take the other 49% stake in MoviePass Films. Emmett and Furla will fill in as co-CEOs of MoviePass Films, which expects to help Helios get into theatrical film distribution. Stuart Benson, CFO of Helios, will fill in as the CFO of MoviePass Films, while Farnsworth will be MoviePass Films’ administrator of the board. MoviePass CEO Mitch Lowe will also hold a seat on the board.