15/03/09 Vertice 360's Blanco exits post

http://www.variety.com/article/VR1118001240.html?categoryid=18&cs=1

Vertice 360's Blanco exits post
Exec leaves gig as head of film for company

MADRID -- Adolfo Blanco, one of Spain's best-known distribution execs, has ankled as head of film at Vertice 360, the Spanish production-distribution conglom.

A vet distribution topper at Filmax, DeAPlaneta and Notro Films, which he founded and folded into Vertice via a share swap in February 2007, Blanco's departure underscores the dire state of indie distribution in Spain.

Hit more by online piracy than recession, total box office admissions in Spain plunged 8% to 107.8 million in 2008.

Total DVD consumer spending nose-dived 12% to 504 million euros ($649.7 million), vs. Britain's $4.2 billion and France's $1.9 billion.

Vertice has continued producing films: Uruguayan Alvaro Brechner's "Bad Day to Go Fishing" is in advanced post-production.

But, once one of Spain's most aggressive distributors, buying Martin Scorsese's "Shutter Island" and Jacques Perrin's "Oceans," Vertice has not acquired a new film for theatrical release since May. Blanco had reportedly pushed for new buys, which the Vertice board turned down.

Credit-crunched, Vertice has struggled to discount TV contracts with Spanish banks -- a large problem when its movie sales to Spanish TV operators were worth $23.2 million in 2008.

It had seemed however, to have gained some breathing space in November through capital increases worth $11.1 million, financed by new shareholder Thesan Capital.

Announcing his departure by email Friday night, Blanco said he'd weigh his options before deciding on new professional ventures.