Shields Named President of New World/Trans-Atlantic
New World/Trans-Atlantic Pictures has named William Shields president and chief executive of the newly formed company.
Shields has been president of New World International, which sold its assets in December.
NW/TAP intends to release 10 motion pictures each year. Plans call for four in-house productions and six acquisitions per year with an expectation that production plans for its first two films and two to three acquisitions will be announced by the 1990 Cannes Film Festival in May. Film budgets are projected to fall within the $4-million to $8-million range.
New World Video operations will continue with a reduced staff while a licensee is sought for its catalogue of 270 released titles and the numerous unreleased movies-of-the-week, mini-series and other programming in its inventory.
In addition to its Los Angeles headquarters, NW/TAP will maintain offices in London and Sydney, Australia.
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