TV movie and miniseries producer and distributor RHI Entertainment is still locked in talks to acquire rival European drama producer Power.
RHI said that it was a difficult time to launch such a large corporate acquisition, but it is still keen on sealing a deal. Robert Halmi Jr., CEO, RHI, told TBIvision: “It’s a difficult environment to do a big corporate transaction but we’re always talking.”
Power, which produces series including Flood and The Day of The Triffids, currently distributes RHI’s library of movies and series in Eastern Europe. RHI hopes to ramp up its production of US network series following the success of a number of its miniseries and the recent hire of non-exec chairman Jeff Sagansky.
Halmi Jr. says that shows such as The Meteor and The Storm, which have both been ordered by NBC, are back-door pilots. “These shows are a lever to get into the series business with backdoor pilots. The networks are spending US$6-to-8 million for a pilot and it can be a write off. I don’t think this is the way forward in future for the networks,” he adds.
The company also recently inked a deal with cable network Sci Fi Channel for 4x1hour series The Phantom and a remake of Alice in Wonderland – Alice. “We are positioned for growth and expect to thrive in the series business,” adds Sagansky.