indieWIRE to SnagFilms.

"As you can read today on indieWIRE, we have some big news to share," announces editor Eugene Hernandez. "In the waning hours of our 12th anniversary on Tuesday, we signed a deal to sell iW to SnagFilms, a new company founded by Ted Leonsis and backed by Steve Case and Miles Gilburne."

Updated through 7/21.

Details and reflections follow, as well as pointers to pieces on the deal from Variety's Anne Thompson and the Hollywood Reporter's Gregg Goldstein.

Updates: Eugene talks with Leonis about "Snag and the state of distribution today."

Via Scott Kirsner, the Wall Street Journal's Walt Mossberg's take on SnagFilms and Jefferson Graham's story for USA Today. Meanwhile, a first impression from Anthony Kaufman.

Update, 7/18: Co-founder Michael Jones, currently with Variety: "The difficult truth about being independent is that it's mostly for the young. Few filmmakers can make a complete career of it. And yet sometimes the upside of 'selling out' is - if you do it right - your buyer understands that independent ingredient that makes you valuable."

Update, 7/21: "Hell, advocate for your subject to your heart's content, with my blessing (not that you'd need it). But - and this is just a theory, so be sure to treat it as such - if there was a downturn for docs last year, it might be argued that some art house audiences weren't interested in paying good money at theatres for taking their medicine." AJ Schnack comments on - and then raises "a cautious glass" to - the deal.

Posted by dwhudson at July 17, 2008 3:33 AM