Sony Pictures Entertainment is set to sell off its 21% stake in international producer and distributor Shine Group.
The two companies have increasingly become competitors, particularly in the formats business with Shine’s ownership of US producer Reveille, Scandinavian producer Metronome and UK indies Kudos and Firefly. Shine has also recently launched a number of international production arms in Australia, France and Germany.
The Lis Murdoch-owned company has hired investment bank JP Morgan to sell Sony’s stake. “While Shine is grateful for Sony’s support, it has become apparent over the past 18 months that Shine Group has grown to become a natural competitor to Sony, both through its acquisition programme and organic expansion, including into the film and digital areas,” the company noted.