Actor-director Michael Stefano, one of the founding owners of Platinum X Pictures, has sold his interest in the company and will now be a contractor for its affiliate, Red Light District Video.
According to Larry Schwartz, Platinum X marketing director, Stefano’s 25 percent interest was bought by Red Light owner David Joseph, who now owns 75 percent of the company, with the balance still belonging to Jewel De’Nyle.
Stefano, 2004's AVN Male Performer of the Year, will continue to own his own movies through Michael Stefano Productions.
“Michael’s a great guy and we’re very happy to have him on our team,” Joseph told AVN.com. “We now have our all-star lineup.”
“It’s a very good move,” Stefano told AVN.com. “I’m cool with everybody, it’s just that Red Light moves more pieces. That name, Red Light District, just took off like a freak of nature, and it’s even more powerful right now. It’s a total business decision.
“I’m still working for Platinum X in scenes. I’ll have the same series. The only thing’s that changed is my boxes will be going out with the Red Light logo on them.”
Replacing Stefano on the Platinum X roster will be Spanish actor-director Toni Ribas, who had been shooting for Red Light.
“It’s basically an internal swap,” Schwartz said.
The change comes as the two companies prepare to move in under the same roof of a two-story, 33,000 sq. ft. building on Nordhoff Street in Chatsworth.
“It should be a very favorable thing,” Schwartz said. “We will still operate as separate companies, but we’ll be able to run things more efficiently out of one location. We’ll be able to streamline things. It’ll be better for everybody, including the customers.”
“I’m excited about the move and consolidating both companies,” said Joseph, who is having the facilities extensively remodeled. Production, he said, will be housed downstairs, along with 16 directors’ offices, an art department, and editing and DVD authoring bays. Business offices, an employee gym and showers will be located upstairs.
Joseph said he expects to make the move in about three months, or by the first of the year.
