History
It was formed sometime in 1971 as a production company and distributor.
The company had largely gone unnoticed for nearly twenty years when sometime in the late '80s, while filing for bankruptcy, it was purchased by Giancarlo Parretti. Parretti had also recently purchased Cannon Films, and he eventually handed 21st Century Film Corporation over to Israeli filmmaker Menahem Golan as part of Golan's severance package from Cannon.
Golan's goal was to release high-quality motion pictures to the American and worldwide film audiences, but 21st Century only enjoyed small-scale success releasing low-budget, art-house films like Eraserhead, as well as remakes of The Phantom of the Opera and Night of the Living Dead.
Read more about this topic: 21st Century Film Corporation
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