WMA announces $100 mil film fund
Incentive Ent. set up with JPMorgan, Screen MediaCANNES -- WMA and media-finance entity Screen Media International announced a film fund whose value will total $100 million.
The fund, to be called Incentive Filmed Entertainment, is being financed by JPMorgan Chase, with Aramid Entertainment Fund and private investors also providing financing.
Incentive's first project will be a Griffin Dunne-directed pic titled "The Position," with shooting scheduled for the summer.
Although WMA will play a key role in the fund, it would exist as a separate entity from the agency; non-agency clients will of course also be featured in the fund's films.
Film funds had been hugely popular in the past few years, funding a range of studio and indie projects, until the debt crunch and other factors essentially stopped new ones from being created in the middle of 2007.
A fund would be a boost to a specialty-film biz reeling from the shuttering of Warner independent and Picturehouse and a cash crunch at ThinkFilm owner Capitol Films.