RLJ Entertainment Inc., (NASDAQ: RLJE), announced today that it has named Miguel Penella as its Chief Executive Officer. Mr. Penella most recently served as President and Chief Operating Officer of RLJ Entertainment and is succeeding Theodore S. Green, who is leaving RLJ Entertainment by mutual agreement.
RLJ Entertainment was formed in 2012 through the three-way combination of RLJ Acquisition, Inc., Image Entertainment, Inc. and Acorn Media Group and is a premier independent licensee and distributor of entertainment content and programming in North America, the United Kingdom and Australia with over 5,200 exclusive titles. Under the leadership of Robert L. Johnson, Executive Chairman of RLJ Entertainment and Mr. Penella, the Company will be focused on driving growth through the development of additional lifestyle entertainment services for targeted audiences in a range of areas including the urban and Hispanic markets and by using new technologies to deliver that content to consumers across multiple platforms.
Mr. Penella served as chief executive officer of Acorn, where he oversaw operations and was the driving force behind the worldwide expansion of both the Acorn and Acacia brands, which are leaders in the multiplatform distribution of British mysteries and drama and health and fitness content. From 2004 to April of 2007, Mr. Penella was president of Acorn’s direct-to-consumer operations developing the strategy which led to revenue and free cash flow growth through the distribution of more than 17 million catalogs in 2006 an increase of 80 percent in just two years.
Commenting on Mr. Penella’s appointment, Johnson said, “Miguel is a very accomplished executive with a clear understanding of strategy, operations and finance. We believe he will be an outstanding leader and important partner in the growth and development of RLJ Entertainment as we intensify our focus on developing new lifestyle focused entertainment services. Miguel and I share the same vision for the future of the company and are focused on capitalizing on our expertise in acquiring, distributing and developing entertainment content that uses new technology to reach targeted audiences and establishes a very loyal, passionate following from these consumer groups. Miguel has a wealth of industry experience, an ability to understand and capitalize on digital distribution opportunities, and is a disciplined operator. We look forward to his leadership and his continued contributions to the growth of the business.”