Weinstein Co. launches $285 mln Asian film fund



By reuters
Tuesday Aug 7 9:55 AM

NEW YORK (Reuters) - The Weinstein Co. said on Monday it has launched a $285 million fund to finance more than two-dozen Asian-themed films over the next six years.

The movies will mostly be filmed in Asia and deal with the region's "unique culture and showcase the talents of leading Asian filmmakers," the company said in a statement.

Titles slated for the fund include a live-action version of "Mulan" and a remake of Japanese director Akira Kurosawa's 1950's epic "The Seven Samurai."

The move is part of the company's intent to increase its profile in Asia, it said. Weinstein has hired Asian film executive David Lee, who will oversee the fund's creative aspects.

The Weinstein Co. was founded by Harvey and Bob Weinstein, who co-founded the Miramax studio and released Asian foreign-language films in North America such as "Hero," "Iron Monkey" and "Shall We Dance?"

Weinstein expects the fund to include 21 titles for cinema release and another 10 for direct-to-video release.

The company said Asian film's international stature has grown during the past 25 years, especially because of large markets in Asian countries and a production cost structure that is lower than films produced by European or U.S. studios.

"(The Weinstein Co.) intends to focus on utilizing these advantages to deliver Asian films that offer significant production value with a Western sensibility, and are therefore aimed both at performing well in the Asian territories of their origin and appealing to Western audiences," the company said.

Investment banking firm Goldman, Sachs & Co. is structuring and placing the fund, which will provide capital for all qualifying Asian-themes films produced or acquired by the Weinstein Co. during the six-year period, Weinstein said.

Financing will come from Continental Entertainment Capital, Israel Discount Bank of New York, Citigroup Global Markets Inc. and PMA Capital Management Ltd, said the Weinstein Co., which also will be an equity investor in the fund.

(Reporting by Robert MacMillan, editing by Valerie Lee)

 
 

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