Cannon in 1986

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. The extensive group also owned, amongst others, a large international cinema chain and a video film company that invested heavily in the video market, buying the international video rights to several classic film libraries. By 1979, Cannon had hit serious financial difficulties, and Friedland and Dewey sold Cannon to Israeli cousins Menahem Golan (who had directed The Apple) and Yoram Globus for $500,000. The two cousins forged a business model of buying rubbish scripts and putting them into production. Golan is still producing and directing films. Globus is the president of Globus Max, which has interests in film production and distribution and runs a 140-screen cinema chain in Israel.