Type Subsidiary Predecessor CBS Theatrical Films President Terry Press Number of employees 18 (2016) | Industry Motion Pictures Founder Leslie Moonves CFO Reid Sullivan | |
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Founded March 2007; 10 years ago (March 2007) Key people Terry Press (President) CEO Terry Press (23 Apr 2012–) Headquarters Los Angeles, California, United States Parent organizations CBS Corporation, National Amusements, YP Productions Inc Films produced Middle School: The Wors, The Duff, Beastly, Last Vegas, The Back‑up Plan Profiles | ||
CBS Films is an American film production and distribution company founded in 2007 as a subsidiary of CBS Corporation and is considered a mini-major studio.
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CBS Films will distribute, develop and produce four to six $50 million budget movies a year.
Background
CBS made a brief move into film production in 1967, creating Cinema Center Films and closed in 1972 as an unprofitable unit. In 1979 CBS launched a new theatrical films division, which was officially named CBS Theatrical Films the following year. While this was in operation, CBS entered into a joint venture with Columbia Pictures and HBO called Tri-Star Pictures. CBS eventually dropped out of the venture in 1985, and CBS Theatrical Films came to an end that same year. In 2000, CBS was bought by Viacom, which also owned Paramount Pictures.
Company history
In March 2007, following the 2006 split from Viacom and Paramount, CBS Corp. launched CBS Films with the hiring of Bruce Tobey as head of business affairs, legal, finance and video distribution. Amy Baer was hired in September 2007 as president and CEO for CBS Films. With CBS owning a cable movie channel, this division was created to make content for the channel. On November 17, 2009, CBS signed with Sony Pictures for a three-year deal for international distribution.
The studio's launch seemed to well timed to its executives with the closure or restructuring of many film studios including the formerly prominent Metro-Goldwyn-Mayer, Miramax Films and Warner Independent Pictures. Also that CBS will be able to well market its films with all its parent corporation's advertising channels from broadcast to billboards.
The studio released its first film, Extraordinary Measures, on January 22, 2010 and flopped. CBS Films released its second film, a romantic comedy The Back-up Plan, in April 2010 with so-so results. Opening over the five-day Thanksgiving weekend, Faster, its third film and the Dwayne Johnson action flick, was weak at the box office with a $12 million start. In August, the company purchased distribution rights for the first time for the remake movie, The Mechanic. CBS moved to replace Bruce Tobey, chief operations officer, with Wolfgang Hammer in November 2010.
After releasing five films and only one gross over $30 million, CBS Films's revenue are lower than expected. Effectively after its March 2011 release, CBS halts its film slate and moves to acquire films at film festivals. Baer also is released after the ended of her contract in October with a trio of senior executives left to head up the division.
On April 23, 2012, CBS Films named Hammer and Terry Press Co-Presidents. Press, who had been consulting for the studio since 2010, oversees creative, distribution, marketing and physical production. Hammer will oversees all business, finance, legal affairs and acquisitions, including financed, co-financed and completed projects for the division. Hammer moved CBS Films into becoming a major film acquisition mover thus allowing internal projects to development more. CBS's highest profile purchase was $4 million for Inside Llewyn Davis which won Cannes' Grand Prix and nominations for two Academy and 3 Golden Globe awards.
In July 2014, Hammer moved from being co-president to being a consultant for digital.
In 2015, Lionsgate took over CBS Films' distribution functions.
In 2017 Deadline.com reported CBS Films would finance Justin Baldoni first directing/producing effort based on an original script by Mikki Daughtry and Tobias Iaconis.
Filmography
The pay-cable rights to the new CBS Films' library are held by CBS's premium cable networks Showtime and The Movie Channel. Sony Pictures also has foreign theatrical and home entertainment distribution rights for all CBS Films products.