Russian Oil Helps Fuel $275 Million Increase in Fund to Make Movies
The money becomes part of an equity and debt fund launched by Emmett/Furla Films and Envision Entertainment last September; In 11 months, they have put eight movies into production including crime drama "End of Watch."
Money from Russian oil is helping facilitate a $275 million increase to a $250 million equity fund created last September by Emmett/Furla Films and Envision Entertainment to produce star-driven commercial feature films.
Envision was started last year by Remington Chase and Stepan Martirosyan, who are business partners in the Russian petroleum industry and other commercial developments around the world.
Emmett/Furla, founded in 1998 by Randall Emmett and George Furla, has financed over $300 million in movie production since 2011. In the last 11 months, it has produced eight pictures including End of Watch, which stars Jake Gyllenhaal and Anna Kendrick, as well as Lay the Favorite, Alex Cross and Broken City, all scheduled to be released in the coming months.
The partners first announced the $250 million revolving equity and debt fund during the Toronto Film Festival last fall.
“Raising money in this marketplace is extremely tough,” says Emmett, “but between both our companies, we were able to raise another fund and are excited to work with talented actors and filmmakers in 2013.”
Emmett/Furla is currently producing 2 Guns with Universal Pictures, an $85 million picture starring Mark Wahlberg and Denzel Washington. Movies it has in preproduction include Lone Survivor, starring Wahlberg and directed by Peter Berg; and Motor City, starring Gerard Butler and directed by Albert Hughes. Both are expected to begin principal photography on Sept. 20. The production house recently completed production on The Tomb, Empire State, Frozen Ground and Fire With Fire.
With Curtis “50 Cent” Jackson, Emmett also continues to run Cheetah Vision Films, which has a separate equity fund through a deal with Lionsgate. Cheetah Vision's film Freelancers is due out later this month.
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