Millennium Entertainment is for sale, says CEO Bill Lee

After enjoying what it says were record revenue and earnings in 2012, Millennium Entertainment, the distribution arm of Avi Lerner’s Nu Image, is on the auction block.

Millennium Chief Executive Bill Lee said in a news release Monday that Los Angeles-based investment management firm Salem Partners had been tapped to handle the sale.

“Millennium Entertainment has created the most comprehensive distribution platform outside of the major studios,” said Lee. “We look forward to working with Salem Partners to identify a new owner who is excited to participate in the next phase of our growth.”

PHOTOS: Hollywood Backlot moments

A source with information on the proposed sale estimated that Millennium would sell for $60 million to $70 million.

Nu Image controls 60% of Millennium. The other 40% is shared by Connecticut hedge fund Prentice Capital and Los Angeles-based film company Exclusive Media Group.

Millennium commands a film library of 665 titles, including Richard Linklater’s 2012 indie hit “Bernie,” as well as “The Paperboy” by Oscar-nominated director Lee Daniels (“Precious”).

ALSO:

With ‘House of Cards,’ is it better to binge or nibble?

Binge-viewing is transforming the television experience

Netflix tries to build on in-house brand with ‘Hemlock Grove’

MORE

INTERACTIVE: TVs highest paid stars

ON LOCATION: People and places behind what’s onscreen

PHOTOS: Hollywood back lot moments