In the late 1980s, while filing for bankruptcy, it was purchased by Giancarlo Parretti. Parretti had also recently purchased The Cannon Group, which was renamed Pathé Communications, and he eventually handed the newly rebranded 21st Century Film Corporation, along with the Spider-Man and Captain America film rights (held by Cannon), over to Israeli filmmaker Menahem Golan as part of Golan's severance package from Cannon. Golan's goal was to release high-quality motion pictures to the American and worldwide film audiences, but 21st Century only enjoyed small-scale success releasing low-budget films like Bullseye!, as well as remakes of The Phantom of the Opera and Night of the Living Dead.
