MUMBAI: Imagenation Abu Dhabi, a wholly-owned subsidiary of Abu Dhabi Media Company, has signed a $250 million financing deal with Ashok Amritraj‘s Hollywood-based Hyde Park Entertainment.
As per the deal, Hyde Park Entertainment will get the financial support to develop, produce and distribute feature films. The agreement aims to create up to 20 films over seven years and will include additional financing for the production of local language and cross-cultural films.
Hyde Park Entertainment will also establish its regional headquarters at ‘Two Four 54,’ the recently unveiled free media zone in Abu Dhabi.
Hyde Park Entertainment chairman and CEO Ashok Amritraj said, “We intend to produce films that stretch from Hollywood to Asia, enabling us to foster a better understanding between the West, the Middle East and Asia.”
Imagenation Abu Dhabi chairman Mohamed Khalaf Al-Mazrouei added, “Abu Dhabi‘s investment with international media partners is putting the Emirate in the global spotlight at a critical time for the movie industry. Through partnerships like this one with Hyde Park, we can create feature films which open a window on Middle Eastern and Asian culture, enabling audiences around the world to look in and appreciate the region‘s rich and increasingly dynamic heritage.”
In addition to its Abu Dhabi headquarter, Hyde Park‘s LA base will provide a front office function. Hyde Park‘s EVP Patrick Aiello will supervise creative affairs for the partnership, while newly named President of Hyde Park International Mimi Steinbauer will handle foreign sales for pictures produced by the company. Imagenation Abu Dhabi CFO Stefan Brunner will oversee the financial aspects of the joint venture.
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