French film studio Pathé has announced a strategic partnership with French Lebanese logistics tycoon Rodolphe Saadé, under which his family holding company Merit France has taken a 20% stake in the company.
Founded in Founded in 1896, Pathé is France’s biggest and oldest film company spanning production, distribution and exhibition. The company said the move would help accelerate its growth in an evolving macroeconomic and industrial landscape.
News of the investment fell on the eve of the Cannes Film Festival, where Pathé will be out in force this year with opening film Leave One Day and Martin Bourboulon’s fall of Kabul-set drama 13 Days And 13 Nights, which was a late addition to Official Selection last week.
The company added that the investment would be used in particular for the production of internationally-oriented films and series, as well as the modernization of its cinema network across Europe.
The Saadé family fortune derives from shipping and logistics transport giant CMA CGM Group, founded by Jacques Saadé in 1978 and now run by his son Rodolphe Saadé.
The group has diversified its activity into media in recent years, with the acquisition of France’s BFMTV and the RMC radio station from Altice Media last year, as well the La Provence, Corse-Matin and La Tribune newspapers.
“Welcoming the Saadé family as a partner will accelerate the growth and modernization of Pathé. It will also allow us to continue working with the talent we value and to attract those who share our ambitions and aim for international success,” said long-running, veteran Pathé President Jérôme Seydoux.
“We are proud to partner with Jérôme Seydoux and his family in Pathé, a flagship brand for film lovers both in France and worldwide. We are committed to supporting the development of the industry and promoting French cinematic culture around the globe,” added Saadé.
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