Chenal Media has shifted more of its focus to motion picture properties with $7 million in Series B funding from iHaniel and private investors. The new funding will support Chenal Media's growth strategy in three main areas: development co-production and distribution of genre feature films under $5 million. The company also announced the addition of financier Hans Reinelt and Chenal Brands CEO Will Bermender a former NBC and Comcast executive to the team of CBI's subsidiary in the roles of CFO and chairman respectively. Chenal Media spun off from CBI in 2010 to focus on new and traditional media properties expanded into filmed entertainment in 2011 with a production finance focus in senior gap mezzanine and equity financing. Earlier this year Chenal began developing its own properties to create more compatible product. Chenal which caps its financial involvement at 50 percent of a film project's total cost is initially concentrating on the horror thriller and action genres with domestic and international co-productions. We are pleased to have iHaniel deepen and extend their support of our company and our intellectual property assets said Will Bermender chairman of Chenal Media. Based on our progress since the first Series B closing recent acquisitions and the strong commercial traction we are already seeing in 2012 our Board and our investors have decided to increase their support to accelerate our growth. As the earliest investors in CMC we are excited with the progress they have made and the new entertainment products coming to market said iHaniel managing partner Tom Riskin. We are delighted to have Bermender and Reinelt join the team and look forward to working together as Chenal extends its reach into new ancillary markets.
