Less than a year ago, IFC Entertainment publicly touted a strategic change within the company, saying that IFC Films' preemptive acquisition of John Dahl's "You Kill Me" in Toronto marked a move to release bigger-budget movies. Now, the company is calling that move an experiment and instead pushing a different segment of their business. It has all but abandoned plans to acquire and distribute bigger movies. A theatrical release of Mark Palansky's "Penelope," the Toronto '06 premiere starring Reese Witherspoon which had been scheduled to open this Friday, was recently dropped. With no larger- budget releases on its longterm slate, IFC is instead focusing on its emerging IFC First Take label that simultaneously releases independent and foreign language films in theaters and via cable TV video-on-demand services. [Eugene Hernandez]
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