Vestron Video
Encyclopedia
Vestron Video was the main subsidiary of Vestron, Inc., a home video
company based in Stamford, Connecticut
that was active from 1982 to 1992. It is considered to have been a pioneer in the home video market.
Vestron was founded in 1981 by Austin O. Furst, an executive at HBO, who was hired to dismantle some assets of Time-Life
: its theatrical, television, and home video divisions. Although he had no problem selling off the former two assets, Furst was having a hard time selling off the latter, and eventually decided to keep and rename the video division. Furst's daughter suggested "Vestron", named after the Roman goddess Vesta
and "Tron", which means "instrument" in Greek
.
The company held on to its Time-Life Video library, and was also responsible for releases on VHS videocassette of mostly B movie
s and films from Cannon Films
' library. The most notable titles Vestron released were Dirty Dancing
, Monster Squad
, and An American Werewolf in London
. In later years, the company began to shift towards mainstream films, including films released through their Vestron Pictures
subsidiary, most notably Dirty Dancing
. The company was the first company to release National Geographic videos in the late 1980s, and was the first to market with a pro wrestling video, "Pro Wrestling Illustrated Presents Lords of the Ring".
Vestron, Inc.'s subsidiaries included:
Vestron went public on the New York Stock Exchange
in 1985 with what was at the time a large market cap IPO of $440MM, which was oversubscribed. The company enjoyed success for several years, at one point exceeding 10% of the US video movie market. At its high point sales approximated $350MM annually, and the company sold video movies in over 30 countries either directly or through sub licensing agreements. This was basically a rights business, built by some insightful people who appreciated the video (VCR) rights to films before the major studios did. Eventually the major studios smartened up, and film product became increasingly harder for Vestron to acquire. Also, independent producers increased the price of those available.
The company started to make its own films (Dirty Dancing
, Earth Girls Are Easy
, Blue Steel
), but when the market's preferences matured and shifted from watching almost any film to just watching "A" titles, for which the majors had a stronghold, the company was committed already with a pipeline of about 20 "B" to low "A" projects. Financing for the company fell through and it eventually filed for bankruptcy under Chapter 11, and was bought out on January 11, 1991 by Los Angeles
-based LIVE Entertainment, a home video and music company, for $27.3 million. LIVE acquired Vestron's extensive (3,000 plus) film library.
Their international divisions were the second largest just after Warner Brothers. It had many direct theatrical, video and TV distribution offices all around the world in major markets and owned a video manufacturing plant in the Netherlands to supply European markets. Today, most of the holdings of Vestron Video are now owned by Lionsgate.
Home video
Home video is a blanket term used for pre-recorded media that is either sold or rented/hired for home cinema entertainment. The term originates from the VHS/Betamax era but has carried over into current optical disc formats like DVD and Blu-ray Disc and, to a lesser extent, into methods of digital...
company based in Stamford, Connecticut
Stamford, Connecticut
Stamford is a city in Fairfield County, Connecticut, United States. According to the 2010 census, the population of the city is 122,643, making it the fourth largest city in the state and the eighth largest city in New England...
that was active from 1982 to 1992. It is considered to have been a pioneer in the home video market.
Vestron was founded in 1981 by Austin O. Furst, an executive at HBO, who was hired to dismantle some assets of Time-Life
Time-Life
Time–Life is a creator and direct marketer of books, music, video/DVD, and multimedia products. Its products are sold throughout North America, Europe, Australia, and Asia through television, print, retail, the Internet, telemarketing, and direct sales....
: its theatrical, television, and home video divisions. Although he had no problem selling off the former two assets, Furst was having a hard time selling off the latter, and eventually decided to keep and rename the video division. Furst's daughter suggested "Vestron", named after the Roman goddess Vesta
Vesta
-Astronomy:* 4 Vesta, second largest asteroid in the solar system, also a proto-planet, named after the Roman deity* Vesta family, group of asteroids that includes 4 Vesta- Places :* Monte Vesta, Lombardy, Italy* Temple of Vesta, Rome, Italy...
and "Tron", which means "instrument" in Greek
Greek language
Greek is an independent branch of the Indo-European family of languages. Native to the southern Balkans, it has the longest documented history of any Indo-European language, spanning 34 centuries of written records. Its writing system has been the Greek alphabet for the majority of its history;...
.
The company held on to its Time-Life Video library, and was also responsible for releases on VHS videocassette of mostly B movie
B movie
A B movie is a low-budget commercial motion picture that is not definitively an arthouse or pornographic film. In its original usage, during the Golden Age of Hollywood, the term more precisely identified a film intended for distribution as the less-publicized, bottom half of a double feature....
s and films from Cannon Films
Golan-Globus
The Cannon Group Inc. was an American group of companies, including Cannon Films, which produced a distinctive line of low-to-medium budget films from 1967 to 1993...
' library. The most notable titles Vestron released were Dirty Dancing
Dirty Dancing
Dirty Dancing is a 1987 American romantic film. Written by Eleanor Bergstein and directed by Emile Ardolino, the film features Patrick Swayze and Jennifer Grey in the lead roles, as well as Cynthia Rhodes and Jerry Orbach...
, Monster Squad
Monster Squad
Monster Squad is a television series that aired Saturday mornings on NBC from 1976-1977 that is unrelated to the later movie of the same name....
, and An American Werewolf in London
An American Werewolf in London
An American Werewolf in London is a 1981 British-American horror film, written and directed by John Landis. It stars David Naughton, Jenny Agutter, and Griffin Dunne....
. In later years, the company began to shift towards mainstream films, including films released through their Vestron Pictures
Vestron Pictures
Vestron Pictures was a film studio and distributor of the late 1980s, and a division of Austin O. Furst, Jr.'s Vestron Inc., best known for their 1987 release of Dirty Dancing. The company was a spin-off of the earlier video distributor, Vestron Video. Vestron also had a genre film division,...
subsidiary, most notably Dirty Dancing
Dirty Dancing
Dirty Dancing is a 1987 American romantic film. Written by Eleanor Bergstein and directed by Emile Ardolino, the film features Patrick Swayze and Jennifer Grey in the lead roles, as well as Cynthia Rhodes and Jerry Orbach...
. The company was the first company to release National Geographic videos in the late 1980s, and was the first to market with a pro wrestling video, "Pro Wrestling Illustrated Presents Lords of the Ring".
Vestron, Inc.'s subsidiaries included:
- Vestron Video (1982-1992)
- Vestron PicturesVestron PicturesVestron Pictures was a film studio and distributor of the late 1980s, and a division of Austin O. Furst, Jr.'s Vestron Inc., best known for their 1987 release of Dirty Dancing. The company was a spin-off of the earlier video distributor, Vestron Video. Vestron also had a genre film division,...
(1987-1992) - Vestron Music Video (1980s)
- Vestron International Group
- Vestron Video International (1987-1991)
- Children's Video Library (1983-1987)
- Lightning Video (1985-1990)
- Lightning Pictures (1987-1989)
Vestron went public on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
in 1985 with what was at the time a large market cap IPO of $440MM, which was oversubscribed. The company enjoyed success for several years, at one point exceeding 10% of the US video movie market. At its high point sales approximated $350MM annually, and the company sold video movies in over 30 countries either directly or through sub licensing agreements. This was basically a rights business, built by some insightful people who appreciated the video (VCR) rights to films before the major studios did. Eventually the major studios smartened up, and film product became increasingly harder for Vestron to acquire. Also, independent producers increased the price of those available.
The company started to make its own films (Dirty Dancing
Dirty Dancing
Dirty Dancing is a 1987 American romantic film. Written by Eleanor Bergstein and directed by Emile Ardolino, the film features Patrick Swayze and Jennifer Grey in the lead roles, as well as Cynthia Rhodes and Jerry Orbach...
, Earth Girls Are Easy
Earth Girls Are Easy
Earth Girls Are Easy is a 1988 American musical comedy film directed by Julien Temple. It stars Geena Davis, Jeff Goldblum, Michael McKean, Julie Brown, Jim Carrey and Damon Wayans. The film is marketed with the tagline "An out-of-this-world, down-to-earth comedy adventure"...
, Blue Steel
Blue Steel (1990 film)
Blue Steel is a 1990 action thriller film, directed by Kathryn Bigelow, and starring Jamie Lee Curtis, Ron Silver and Clancy Brown.-Plot:Megan Turner is a rookie New York City policewoman who shoots and kills a suspect with her police-issue .38 Special Smith & Wesson Model 10 revolver while he's...
), but when the market's preferences matured and shifted from watching almost any film to just watching "A" titles, for which the majors had a stronghold, the company was committed already with a pipeline of about 20 "B" to low "A" projects. Financing for the company fell through and it eventually filed for bankruptcy under Chapter 11, and was bought out on January 11, 1991 by Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
-based LIVE Entertainment, a home video and music company, for $27.3 million. LIVE acquired Vestron's extensive (3,000 plus) film library.
Their international divisions were the second largest just after Warner Brothers. It had many direct theatrical, video and TV distribution offices all around the world in major markets and owned a video manufacturing plant in the Netherlands to supply European markets. Today, most of the holdings of Vestron Video are now owned by Lionsgate.
External links
- Dirty DancingDirty DancingDirty Dancing is a 1987 American romantic film. Written by Eleanor Bergstein and directed by Emile Ardolino, the film features Patrick Swayze and Jennifer Grey in the lead roles, as well as Cynthia Rhodes and Jerry Orbach...
, The E! True Hollywood Story, first aired September 3, 2000