Post by Admin on Aug 2, 2017 6:18:07 GMT
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Did Cannon ever think about buying New World ? I know Parretti tried, but did the cousins ever consider it?
John Blythe:
I don't think Golan or Globus considered it. Mainly because Cannon was already seriously in debt by the mid 1980's and Credit Lyonnais probably would not have honored that acquisition. New World had its own problems, although they were partially financed by CL, their problems were primarily from expanding far too quickly (forming New World Video, television division, acquiring Marvel Studios, post-production facilities, etc.) and most of their films were loosing a lot of money. I believe at one point, New World was #2 or #3 behind Cannon from releasing the most movies in one year (either 1986 or 1987). So New World was already in debt as was Cannon. But Parretti's approach was to try to initially get both companies under his restructured umbrella of Pathe. But even CL later realized that would be too many debt burdened companies under one corporation.
Did Cannon ever think about buying New World ? I know Parretti tried, but did the cousins ever consider it?
John Blythe:
I don't think Golan or Globus considered it. Mainly because Cannon was already seriously in debt by the mid 1980's and Credit Lyonnais probably would not have honored that acquisition. New World had its own problems, although they were partially financed by CL, their problems were primarily from expanding far too quickly (forming New World Video, television division, acquiring Marvel Studios, post-production facilities, etc.) and most of their films were loosing a lot of money. I believe at one point, New World was #2 or #3 behind Cannon from releasing the most movies in one year (either 1986 or 1987). So New World was already in debt as was Cannon. But Parretti's approach was to try to initially get both companies under his restructured umbrella of Pathe. But even CL later realized that would be too many debt burdened companies under one corporation.