 During 1984, Cannon purchased Thorn EMI Screen Entertainment (see EMI Films) and their movie library for £175 million.Cannon then sold the EMI British Film Library to Weintraub Entertainment Group for approximately $85 million.In 1989, "Pathé Communications," a holding company controlled by Italian businessman Giancarlo Parretti, purchased 39.4% of Cannon for 250 million dollars.