Ingenious today announced that the Ingenious Music VCT 2 has formed a joint venture with Eagle Rock Entertainment Limited (''Eagle Rock'') to form a new company, ''Ground Level Recording Limited''.
The newly-formed company will release a 'Classic Albums' DVD based upon the John Lennon/Plastic Ono Band album. This was Lennon's first solo album after leaving The Beatles and features the iconic track ''Working Class Hero''. The album reached the top 10 in both the UK and USA. The DVD will feature rare archive footage and exclusive interviews with Yoko Ono, Ringo Starr and Klaus Voormann.
Eagle Rock has previously released over thirty programmes in the Classic Albums series which have been sold on DVD and broadcast on TV worldwide. The Classic Albums series co-produced by Isis Productions has achieved great commercial and critical success. Future programmes planned in the series include albums by Black Sabbath and The Doors.
Duncan Reid, Commercial Director of Ingenious, said:
''We are delighted to be involved with Eagle Rock on this exciting project. They are well-established in the DVD market and have generated significant revenues from their 'Classic Albums' series.
Terry Shand, Executive Chairman of Eagle Rock, said
''Eagle Rock is thrilled to be involved with Ingenious in the funding and creation of the new John Lennon programme in the long running and successful Classic Albums series.''
Notes to editors:
About Ingenious
Ingenious, which was founded in 1998 by Patrick McKenna, former Head of the Media and Entertainment Group at Deloitte and Touche and chairman and CEO of the Really Useful Group, is a specialist media investment and advisory business with six principal operating subsidiaries: Asset Management, Consulting, Corporate Finance, Investments, Securities and Ventures. As the market leader in media investment and strategy, Ingenious provides the full range of services to companies in the media sector, from strategic and corporate finance advice to private equity funding, as well as providing innovative investment solutions for the private investor.
About Eagle Rock
Eagle Rock is a leading independent TV and DVD producer, publisher and worldwide distributor of music programming and documentaries
About Venture Capital Trusts (VCTs)
Provided that shares in a VCT are held for at least five years, qualifying investors receive income tax relief at the rate of 30% on the amount subscribed for VCT shares up to a maximum of £200,000 in any one tax year. Dividends and gains on the disposal of Shares are currently exempt from tax in respect of investments not exceeding £200,000 in any one tax year.
Duncan Reid
Tel: +44 (0)20 7319 4000
Michelle James/Andy Berry
Tel: +44 (0)20 7839 4321