Screen Daily reported on Tuesday that the eight companies, none from the UK, have formed an alliance that will drastically boost their collective buying power although, ironically, their first acquisition was not a film but another company. In it's first move the group took control of Celluloid Dreams, Hengameh Panahi's Paris based sales company.

The group comprises companies from six European states. They are: Fu Works of The Netherlands, Frenetic Films of Switzerland, Spain's Golem and Alta Films, Italy's EyeScreen/Lucky Red and BIM Distribuzione, Cinelibre/Cineart from Belgium and Haut Et Court from France.

All the more unique is that two territories are shared by two companies respectively, but, to add more spice to the coalition, three of those involved (including Celluloid) are producers as well as distributors.

According to the article, the group hopes to increase their influence still further by dealing with the most important US buyers of low-to-mid budget films. So far Fine Line, Sony Pictures Classics, USA Films and IFC Films have all been approached.

The Celluloid deal came about because it has often acquired world rights to films before selling non-European territories but that is certainly not exclusive and each company will continue to operate independently.

The team intends to spread its bets on half a dozen European films a year from a range of budgets and a show of collective strength for the bigger acquisitions. This means that the group are in a position to finance more ambitious projects than previously and better retain both favoured directors long term as well as equity.