IFILM Gets $35 Million Investment From Sony Pictures and Others

Internet film site IFILM (http://www.ifilm.net) has closed $35 million in additional financing from five investors: Sony, Vulcan Ventures, Eastman Kodak, Liberty Digital and Shamrock CapitalAdvisors.

The funding, says the company, will be used to grow its broadbandstrategy of distributing short and feature length films over the Internet.

"The core of IFILM's mission is to provide tools, access and opportunityto filmmakers and would-be filmmakers worldwide," said IFILM CEO and Co-Chairman Skip Paul who joined IFILMtwo months ago. "We're honored that these globally recognized media brandsand technology pioneers support our vision and will be working with IFILM toexecute our strategy for both the consumer and the professional community."

"Sony Pictures believes IFILM is on the right track in its goal to delivernew entertainment experiences to audiences and filmmakers alike," said YairLandau, Executive Vice President for Sony Pictures Entertainment (http://www.spe.sony.com). "SonyPictures believes in empowering the film community and emerging broadbandnetworks to deliver better entertainment over the Internet."

IFILM also recently partnered with Spike and Mike, who founded Spike andMike's Festival of Animation. This partnership culminated in IFILM'srecent launch of an e-commerce revenue model that allows consumers to buypay-per-view video downloads and licensed Spike & Mike merchandise.