EQUITY INVESTMENT EMPOWERS FILMNATION TO SIGNIFICANTLY EXPAND SLATE OF PRODUCTIONS
FilmNation Entertainment and Roadshow Films announced a new equity investment deal and strategic partnership today. This new investment in FilmNation from Roadshow Films, a wholly owned subsidiary of Village Roadshow Limited (ASX: VRL), will enable FilmNation to significantly grow its impressive development and production slate with the capital going directly into content creation and/or acquisition to build out its core business. All existing FilmNation partners will retain ownership positions in the company.
The first two feature films scheduled to begin production in 2015 for release in 2016 under the new structure are The Founder, to be directed by John Lee Hancock, which tells the true story of how Ray Kroc created McDonald’s into a billion dollar empire, and The Good House, to star Meryl Streep and Robert De Niro, based on the New York Times bestseller by Ann Leary. FilmNation will also commence production of Story Of Your Life starring Amy Adams and to be directed by Denis Villeneuve in May.
"Partnering with such a successful and well respected company as Roadshow Films is a significant next step for us," said FilmNation CEO, Glen Basner and COO, Milan Popelka. “Roadshow’s proven track record speaks for itself and we are proud to have such an experienced company invest with us. Together as partners alongside our original co-founding partners Steven B. Samuels, Anthoni Visconsi II, and Dominic Visconsi Jr. who continue to demonstrate their confidence in the company, we’re certain FilmNation can achieve our goals of successfully expanding our investments in feature film content creation while continuing to grow our worldwide platform."
This opportunity not only enhances FilmNation's growth but also allows for Roadshow Films to expand production outside of the Australian market.
Joel Pearlman and Chris Chard, of Roadshow Films, highlighted the pre-existing long-term film distribution relationship between the companies and commented on the opportunities for both enabled by the deal, “Our investment in FilmNation is a significant development in the continuing evolution of Roadshow Films that provides us with new growth opportunities outside of our core Australian market. We have greatly enjoyed and benefited from the long-term relationship Roadshow has with Glen and the entire FilmNation team and are excited to invest in the future of FilmNation as they embark upon an expanded production slate of strong, quality independent films that will prove popular with audiences around the world. FilmNation has a great future and we are very optimistic that together we can continue to foster and grow the production of films that expand the company’s presence in the global entertainment marketplace.”
FilmNation partners and co-founders, Steven B. Samuels, Dominic Visconsi Jr.and Anthoni Visconsi II, said, “Over the past six years under Glen's leadership, FilmNation has established itself as one of the premier producers, international distributors and marketers of high quality films. With a solid foundation in place and an established reputation for quality and integrity, we are strong advocates for the value the transaction announced today creates for current stakeholders and believe that Roadshow’s investment is an important industry endorsement of FilmNation's past success and near- and long-term prospects. By partnering with Roadshow Films, we believe FilmNation is superbly positioned to achieve further growth and to continue expanding our platform.”
FilmNation’s slate, which has grossed over $1 billion at the worldwide box office, offers high quality entertainment aimed at discerning audiences. The mutual integrity and passion for producing quality independent films within both companies was a perfect fit. Taking inspiration from the early Miramax and Focus Features days, they will continue to produce sophisticated platform releases with the potential to go wide in the $12-$30 million budget range. Recent FilmNation releases exemplifying the caliber of projects include Mud (Matthew McConaughey), A Most Wanted Man (Philip Seymour Hoffman, Rachel McAdams) and The Imitation Game (Benedict Cumberbatch, Keira Knightley).
This collaboration will further establish FilmNation and Roadshow’s unique position within the independent film marketplace and further fuel FilmNation’s passion for making, delivering and championing extraordinary films from world class filmmakers.