No deal for Peace Arch, ContentFilm

By Lisa Kerner

Charlotte, N.C., March 6 - Market conditions are to blame for the termination of Peace Arch Entertainment Group, Inc.'s exclusive period of negotiation with ContentFilm plc.

"ContentFilm is an innovative entertainment company with an attractive business model and a strong management team, but given both the turmoil in the credit markets and market conditions in general we have decided not to make an offer to purchase the company," Peace Arch chief executive officer Jeff Sagansky said in a company news release.

The non-binding letter of intent from Peace Arch was subject to various conditions, including execution of definitive financing agreements, formal offer conditions, completion of due diligence and approval by both companies' boards of directors.

Peace Arch said it will continue to explore other strategic acquisitions that would help the company build its library and distribution assets.

Toronto-based Peace Arch produces and acquires feature films, television and home entertainment content for distribution worldwide.

ContentFilm is a London-based film and television sales company that controls a significant library of film and television rights and assets.

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