Film distributor Millennium Entertainment has been sold in a management buyout, according to a report in Deadline Hollywood.

The deal includes Millennium Entertainment’s catalog and distribution platform. The sale is to a team headed by Millennium Chief Executive Bill Lee and Virgo Investment Group. The company will change its name as a result of the deal. The new name was not reported.

Prior to the sale, Millennium Entertainment has been owned by a group led by entertainment company Nu Image. Nu Image will continue to own subsidiary Millennium Films, which produced “The Expendables 3.”

A Millennium Entertainment representative said he could confirm Deadline Hollywood’s report, but said no one at the company was available to discuss the sale. Terms were not disclosed.