StudioCanal licensed the U.S. theatrical rights to Rialto and the video rights to Criterion as part of a package deal. Eventually, those rights will revert to StudioCanal, but Criterion's got it for now. It is one of several StudioCanal titles still in active circulation from Criterion. Not all the licenses will expire at the same time, and there will probably continue to be waves of StudioCanal titles going out of print over the next couple of years. I suspect that Criterion thinks that they have enough time left with Le Cercle rouge to make a Blu-ray release worthwhile.jwd5275 wrote:I agree. It is likely that similar to Breathless, the Cercle Rouge license is through Rialto, not StudioCanal.
Breathless is in a different situation, because StudioCanal does not hold any U.S. rights to the film. The U.S. rights to Breathless are owned by French distributor Pretty Pictures. They are the ones that licensed the Breathless theatrical rights to Rialto and video rights to Criterion. Both companies did work with StudioCanal on the release though, because SC controls the elements and did the restoration.