City National Buys Financial Software Firm Catered to Entertainment Businesses

Downtown-based City National Bank has purchased FilmTrack Inc., a Studio City-based company that tracks payments, contracts and a range of other financial transactions for the entertainment and media industries.The acquisition, City National's third in the entertainment sector over the last decade, boosts the bank's reputation as one of the go-to institutions for Hollywood business. City National is often referred to as the "bank to the stars."Terms of the transaction were not disclosed. Founded in 1996, FilmTrack’s software platform gives its roughly 200 global customers the ability to calculate, track and analyze distribution revenue and participation payments from their media properties — such as films and television shows. FilmTrack also can be used to manage rights contracts, invoicing, financial reporting and royalty calculations. For example, FilmTrack could calculate royalties earned by a major blockbuster movie across markets as well as payments to actors and sales of related merchandise. FilmTrack software can also help determine whether entertainment companies have the rights to sell or license media properties in certain domestic and international markets.