Fox Searchlight, Ingenious Ink Production, Distribution Deal
LONDON -- Fox Searchlight has struck a deal with Ingenious, a U.K.-based media investor, to finance and distribute up to three British films a year according to the Financial Times.
The films are expected be budgeted under $15 million and Fox will retain worldwide distribution rights.
The deal is the culmination of a long relationship between Ingenious, which has $10 billion under management, and the studio.
Ingenious is expected to appoint a full-time U.K.-based executive to liaise between the two companies. The company has invested in more than 40 Fox films, including the Oscar contender 127 Hours, Avatar and Never Let Me Go.
"The U.K. film industry has had a tough time in the past couple of years with the economic downturn and the closure of the U.K. Film Council," said James Clayton, chief executive of Ingenious Investments. "We have great talent and great producers in Britain and if we can ally that with our financing and Fox Searchlight's worldwide distribution then it will be great for our investors."
Ingenious was established by Patrick McKenna, former head of Andrew Lloyd Webber's Really Useful Group, and has invested in Shaun of the Dead, X-Men: Origins and Night at the Museum.