Victor Loewy leaves Alliance Films
Rene Johnston/TORONTO STAR file photo Victor Loewy is leaving Alliance Films to start a “new chapter” in his life.
Victor Loewy, the dominant figure in Canadian movie distribution for four decades, has officially left his perch as CEO at Alliance Films.
“Further to the acquisition of Alliance Films by eOne, the Alliance Films brand and legacy will come to an end,” Loewy said in a statement he released Wednesday.
The statement, sent to various media outlets, came from Loewy’s own email and was not part of another official announcement from Entertainment One Ltd. (a.k.a. as eOne), the new owners.
The eOne statement confirms that it has completed its transaction to acquire Alliance from affiliates of New York investment banking firm Goldman Sachs Capital Partners and Investissement Quebec for about $ 225 million. The deal — negotiated months ago — was on hold pending clearance by the Canadian Competition Bureau, which finally came last week.
As a result of the merger, Loewy and Alliance president Charles Layton (who had been brought in by Goldman Sachs) have left “to pursue other interests,” according to the eOne announcement. Following the merger, eOne has operations in Canada, the United Kingdom, Benelux, Australia, the United States and Spain.
The deal makes eOne the largest independent film distributor in Canada and the U.K., and it gives the company a formidable library of more than 35,000 titles.
Loewy’s statement said: “While it’s been a privilege to be part of Alliance, having founded and been associated with the company for the past 40 years, I have decided not to be part of the new enterprise.”
Loewy, 66, added an element of mystery by concluding that he plans to “open a new chapter in my life.”
thestar.com – Entertainment