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|RCA Press Release for June 30, 1981|
RCA Corporation and Columbia Pictures Industries, Inc. today announced the formation of a joint venture for the marketing of home video entertainment programs throughout the world, excluding the United States and Canada.
The new venture was announced by Francis T. Vincent, Jr., president and chief executive officer of Columbia Pictures Industries; Frank Price, chairman and president of Columbia Pictures, the firm's motion picture division; and Herbert S. Schlosser, executive vice president, RCA.
Under the new arrangement, the joint venture will develop a world-wide organization, with offices in principal countries, to market existing and future theatrical and television programs produced by the participating organizations and other producers, as well as original productions created specifically for the home video market.
RCA Records' video music programs and RCA "SelectaVision" programs will also flow through the venture. The venture will handle all formats of home video, including various cassette and disc systems. RCA Records' international subsidiaries will provide sales and support services to the joint venture's branch operations in major markets around the world.
Mr. Schlosser said, "Columbia Pictures has one of the finest libraries of motion picture and television programs in the world. And in recent years, Columbia Pictures has been an industry leader in the production of successful theatrical motion pictures. With these libraries as a base, and with an on-going product flow, the venture will have an excellent catalog of video program material which will enable it to become a leader in world markets."
Mr. Price, in commenting on the new venture, stated that "Columbia is pleased to embark on this association with RCA, a world-wide entertainment company with whom we have long-standing business relationships. We had a wide choice of options but the opportunity to enter this field with an ally such as RCA was overwhelming. We at Columbia are particularly pleased that our contributions to the new venture will be guided by Patrick M. Williamson, president of our Columbia Pictures International organization, which markets all of Columbia's motion picture and television programs internationally."
Mr. Williamson said, "Columbia International's unique, integrated structure and operation should provide the joint venture partners with many advantages as we enter this exciting new undertaking and we are delighted to be partners with RCA, a company of great strength and experience."
Robert D. Summer, president of RCA Records, said, "The new venture will increase the opportunities for our recording artists to develop creatively in the new world of video art. At the same time, it will broaden and strengthen our international product operations."