SPANISH BROADCASTING SYSTEM, DUENDE FILMS CLOSE ON A $25 MILLION DOLLARS FILM SLATE, WITH FUNGLODE
May 22 2015 - 2:19PM
The former president of the Dominican Republic, Leonel Fernández,
on behalf of the Global Foundation for Democracy and Development
(FUNGLODE), led an inter-agency partnership with Spanish
Broadcasting System (SBS) (Nasdaq:SBSA) and Duende Films, for the
implementation and marketing of a multi picture slate in order to
boost the film industry in the Dominican Republic. The agreement
was sealed at the offices of the renowned multimedia company SBS,
between former President Fernández for FUNGLODE, Raul Alarcon
President & CEO of SBS, and Emmy and Oscar winning Filmmaker
Agustin Fernandez, CEO of Duende Films. Fernandez and Alarcon
stressed that with this partnership agreement, which in its initial
phase involves an investment of $25 million dollars, the marketing
power of SBS and theatrical distribution in the United States for
the pictures produced under this agreement. The three parties seek
to give a unprecedented amount of support to the development of the
film industry in the Dominican Republic. In particular, Duende
Films, SBS and FUNGLODE intend to produce 12 films in the next 2
years in the Dominican Republic. The first two already are already
in development and slate for 2015. One of the many films in
production is TALVIA starring international recording star LA
MATERIALISTA, ELVIS NOLASCO (True Crime) and MANNY PEREZ (Homeland)
and TEMPTED starring ANGELICA CELAYA (Constantine). In regards to
the partnership agreement formalized on Tuesday May 5th, the Global
Media Arts Institute (IGM) and the Dominican Republic Global Film
Festival will represent Funglode, both directed by Omar de la Cruz.
Funglode CEO, Marco Herrera and Yvette Marichal, sitting Director
of The Dominican Republic Film Commission (DGCINE) will also be
part of the production. Michael Toribio will head production and
Mike Doban will head distribution for Duende Films. Former
President, Fernandez, travelled to Miami to meet with Raul Alarcon
and Agustin solely to formalize this agreement, returned to the
Dominican Republic that same day.
About Spanish
Broadcasting System, Inc.: Spanish Broadcasting System,
Inc. is the largest publicly traded Hispanic-controlled media and
entertainment Company in the United States. SBS owns and operates
20 radio stations located in the top U.S. Hispanic markets of New
York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico,
airing the Tropical, Mexican Regional, Spanish Adult Contemporary
and Hurban format genres. The Company also owns and operates
MegaTV, a television operation with over-the-air, cable and
satellite distribution and affiliates throughout the U.S. and
Puerto Rico. SBS also produces live concerts and events and owns 21
bilingual websites, including www.LaMusica.com, a bilingual
Spanish-English online site providing content related to Latin
music, entertainment, news and culture. The Company's corporate Web
site can be accessed at www.spanishbroadcasting.com. Duende Films:
Duende Films is a film distribution company affiliated with Duende
Media Inc., which focuses on bringing to the theatrical market in
the United States, the largest Spanish-language film successes.
With over 15 years of service to the Hispanic market in the United
States, and with a management team that not only knows the
demographic, but is also a part of that group. Duende Films is
uniquely positioned to present the US Latino audience the films
they really want to see, with a detailed and comprehensive approach
to entertainment that exposes the different colors and customs of
our Hispanic heritage. "Our films, for us". Duende Films.
Photos accompanying this release are available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=33204
http://www.globenewswire.com/newsroom/prs/?pkgid=33205
CONTACT: Media & Press Contact for SBS:
Vladimir Gomez
Spanish Broadcasting System, Inc
(786) 510-8841
vgomez@bigtimemediapr.com
@bigtimemedia
@vladygomez
Spanish Broadcasting Sys... (PK) (USOTC:SBSAA)
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