MUMBAI: Canadian film distributor Alliance Films has acquired Maple Pictures from Lionsgate Entertainment for $38.5 million.

Confirming the acquisition, Alliance Films chairman and CEO Victor Loewy said, "If you look around, there‘s very few indie companies operating in the U.S. and Lionsgate is the biggest one."
 
Loewy added job losses at Maple Pictures should be kept to a minimum after the rival distributor joins the Alliance Films fold.

"There will be a surprisingly high number of people that we‘re keeping," he said.
 
Lionsgate CEO Jon Feltheimer on a Wednesday morning analyst call reiterated the Maple Pictures sale was part of an ongoing strategy by the mini-major to sell off non-core assets.

The possible sale of Maple Pictures, which was launched in 2005 by co-presidents Laurie May and Brad Pelman was first reported in April last.