Berlin 2013: Solar Pictures, Italia Film in Multi-Territory Output Deal
BERLIN - Film finance and production firm Solar Pictures has struck a multi-year, multi-territory output deal with independent film buyer/distributor Italia Film that covers India, the Middle East, Turkey, Greece and a range of other countries.
Financial terms weren't disclosed. The agreement between LA-based Solar, a unit of Solar Entertainment Group, and privately owned Italia Film also covers Pakistan, Cyprus, Nepal, Sri Lanka, Bangladesh, Bhutan and Maldives.
It was negotiated by Solar Pictures CEO Christopher Taylor and Karlin Connections’ Penny Karlin who represents Italia Film.
Italia Film has been Walt Disney Pictures' exclusive distributor in the Middle East since 1993.
Filmmaker and financier Bobby Paunescu launched Solar Pictures with former Comerica Entertainment executive Jared Underwood last year. They are the two principal investors. Other Solar investors and strategic partners include the New York-based Shu family and Edward Lawson Johnston, founder of London-based merchant bank LJ Group.
Solar Pictures at its launch said it would finance and produce a handful of films per year with budgets of up to $30 million.
"This is an important strategic partnership for Solar and a key first step in our quest to solidify distribution partnerships in territories worldwide as we expand our slate," said Taylor.
Italia Film CEO Joseph Vincenti said: "We are honored and thrilled to have been chosen to be part of this new and very promising adventure with Solar Pictures." He added: "We are truly confident that the movie passion, enthusiasm, dynamism, long time experience and professionalism behind Bobby Paunescu, Chris Taylor and Amy Beecroft can only lead to great cinematographic output & blockbuster titles that will surely top the box office in all our markets."