International film companies Intermedia Film Equities USA and Summit Entertainment are combining their overseas sales, marketing and distribution operations.
The joint venture will be called I.S. Film Distribution. Summit, privately held and controlled by a management team headed by Chief Executive Patrick Wachsberger, will handle sales on behalf of the venture. Wachsberger and Intermedia CEO Moritz Borman said they expect revenue from their combined operations to exceed $300 million in the coming year.
Intermedia, a unit of Germany's IM International Media, has helped bankroll such films as "Adaptation," "The Quiet American" and the upcoming "T3: Rise of the Machines." Summit, founded in 1993, is one of the industry's top international sales firms.
The companies will continue to operate separately outside of the new venture.