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Tag: William Steig

  • Exim Bank agrees to lend Crest $7 million

    Exim Bank agrees to lend Crest $7 million

    MUMBAI: Export-Import Bank of India (Exim Bank) is for the first time funding an animation film project. It has agreed to lend $7 million to Crest Animation Studios Ltd.

    While $5 million will be to fund Crest Animation’s Indian outfit, Exim Bank is willing to sanction another $2 million in the US subsidiary company, RichCrest Animation.

    In August 2005, Crest Animation, through its US arm RichCrest Animation, and the independent studio, Lions Gate Entertainment, had signed a deal worth around $70m for the co-production of three animated feature films. It was decided that both companies will have a 50:50 equity in the project, expected to pan out over five years.

    “This will be our first financing for an animation movie project. We have agreed to fund Crest Animation Studios as well as its wholly owned subsidiary company in the US. Crest has tied up with Lions Gate Entertainment which is a leading distributor in the world. Besides, the company has a completion bond in place,” Exim Bank general manager Mathew John tells Indiantelevision.com.

    Of the three movie projects with Lions Gate Entertainment, the first to kick off is Sylvester and the Magic Pebble which is based on the Caldecott medal-winning story by William Steig, the creator of the blockbuster Shrek. The pre-production work on the movie is near completion, and the production plan is as per schedule for 2008 release.

    “Our funding to Crest will be for the first movie,” says John.

    Crest is looking at a mix of debt and equity to fund the film projects. Crest’s contribution for these three projects would be around $30 million.

    Exim Bank has been funding Hindi movie projects which have a potential to earn foreign currency revenues in the overseas market. It has financed nine movies so far to the tune of Rs 580 million. This includes Rs 400 million to noted filmmaker Yash Chopra for movies like Veer Zaara, Hum Tum, Bunty Aur Babli and Dum.

    “We have also lent Rs 100 million for Don and Rs 80 million for Mangal Pandey – The Rising,” says John.

  • Crest Animation’s ‘Jakers!’ bags Bafta award

    Crest Animation’s ‘Jakers!’ bags Bafta award

    MUMBAI: Crest Animation Studios’ Jakers! The Adventures of Piggley Winks has won the The British Academy of Film and Television Arts (Bafta) Award for Best Animated Series in the International Category.

    Crest Animation Studios produced the computer generated imaging (CGI) animation for Jakers and has produced two series of the same, comprising 26 and 14 episodes. It is currently producing the third series of 12 episodes.

    The annual Bafta Awards reach out not only to film and programme makers whose expertise is recognised but also to children who are mobilised to vote for their favorite film via the Bafta Kids Vote. This is done through a nationwide poll, which is promoted on CBBC and CiTV websites and supported by free screenings at 20 Cineworld sites as part of their Cineworld Movies for Juniors programme.

    Jakers! The Adventures of Piggley Winks is a sophisticated, 3D, computer animated series that follows the adventure of a spunky eight-year-old pig named Piggley and his friends Dunnun the Duck and Ferny the Bull, who live on a farm in Ireland.

    Crest Animation Studios CEO A K Madhavan said, “It is a matter of great pride for us to be recognised for our quality of work by one of the most powerful body representing the British Film and Television Industry. We have won accolades for our work in the past through the Apsara Award for Tenali Rama and a nomination for one of the most prestigious awards in the animation industry – the Annie Awards – for Jakers! It is a special feeling though, to be one of the best amongst the international players.”

    Crest Animation Studios is moving steadily ahead on its way to become a globally recognised CGI animation studio. Its US based subsidiary, RichCrest Animation (RCA), and Lions Gate Entertainment (LGE) have announced a three-picture co-production and co-financing arrangement to produce three top-quality, state-of-the-art animated feature films for worldwide theatrical release.

    RCA and LGE would equally share the cost of production, as well as the profits. The rights to the first film under the agreement – Sylvester and the Magic Pebble, based on the caldecott medal-winning story by William Steig (the creator of the blockbuster Shrek) have been acquired, and the film is in development.

    The other nominees in this category included Atomic Betty (Breakthrough Animation and CiTV), Black Hole High (Fireworks and Jetix) and Miss Spiders Sunny Patch Friends (Absolute Pictures, Nelvana and Five).