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July 26, 2008

Netflix close down Red Envelope Entertainment, its Theatrical Acquisitions and Production Division

...via indiewire

Netflixenvelope In its short life ( 3 years), Red Envelope acquired 126 films, including the Golden Globe nominated Sherrybaby, co-produced a slate of movies for IFC TV (including Kirby Dick's This Film is Not Yet Rated) and partnered on theatrical distribution for such micro-hits as 2 Days in Paris with Samuel Goldwyn, No End in Sight with Magnolia Pictures, The Puffy Chair with Roadside Attractions, and 4 Months, 3 Weeks and 2 Days with IFC Films.

Due to changing marketplace conditions and the natural evolution of Netflix, according to Chief Content Officer Ted Sarandos, the company decided it was time to move on. "The one thing we learned this year is that there's no shortage of produced movies and there's no shortage of money for viable projects," Sarandos told indieWIRE last Tuesday. "The best role we play is connecting the film to the audience, not as a financier, not as a producer, not as an outside distributor or marketer."

"It was a relevant effort," Sarandos said, speaking of Red Envelope. "But relevance and meaningful are two different things. We're very proud of the films, which were successful critically and commercially. But we don't have to own the rights to make that happen."

Read the whole interview in indiewire


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