Independent film distributor Bleecker Street has a new owner and fresh capital to expand its theatrical business. Outerlight Entertainment, formerly First Look Entertainment, has acquired the company for an undisclosed sum. CEO Kent Sanderson and president and chief marketing officer Tyler DiNapoli will remain in charge, with Bleecker Street retaining control of its acquisitions, distribution strategy, marketing and day-to-day operations.

Outerlight, which also owns Topic Studios and Puzzle Pictures, intends to provide long-term financial support for Bleecker Street’s existing film business and its growing event cinema operation, Crosswalk. The latter has already demonstrated considerable commercial potential, with “Hadestown: The Musical” generating more than USD $20 million in a limited theatrical run. Crosswalk has also distributed “Stray Kids: The DominATE Experience” and has a George Michael concert film scheduled for December.

The acquisition follows Bleecker Street’s recent appointment of former A24 executive Frank Martinez as head of distribution, overseeing both its traditional film releases and Crosswalk. Taken together, the developments suggest the company is positioning itself to compete more aggressively for theatrical content while developing additional revenue opportunities beyond conventional feature releases.

At a time when major media mergers are largely discussed in terms of consolidation and cost savings, it’s nice to see Bleecker Street’s new owners emphasizing investment and expansion.