Len Blavatnik, Weinstein Co. agree on film fund
Studio eyes movies with budget of $20 mil or lessLen Blavatnik may not have had any deal luck with MGM, but he has agreed to invest in a new three-year film fund set up for The Weinstein Co., the LA Times reported.
Blavatnik friends Harvey and Bob Weinstein plan to tap the fund to produce a slate of movies with budgets of $5 million-$20 million, according to the newspaper.
The fund will bankroll new productions beyond the company's planned slate of eight movies a year plus four to six acquisitions, which are financed separately.
Blavatnik is expected to invest $25 million into a revolving credit facility, but could over time provide as much $160 million, according to the Times.
Under the arrangement, the Weinstein Co. will release movies in the U.S. and Canada and have rights for Australia, Germany and France. Blavatnik's U.K.-based production and distribution firm Icon Entertainment will handle Great Britain and all other international markets.
Profits from the films will be split evenly between the companies, according to the Times. Icon and the Weinsteins will jointly select some of the titles, while other films will be selected by each party individually.
The news of a Blavatnik arrangement with the Weinsteins was first reported by Deadline Hollywood.