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APX Group, a New York-, Los Angeles- and London-based film, media and entertainment fund owned by a group of private financiers from the U.S., Italy, Spain and the U.K., has signed a preliminary agreement to invest in L.A.-based Next Wave Studios (NWS), a joint venture of Decentralized Pictures and Bingeable.
Upon the closing of the transaction, unveiled at the Berlin Film Festival, APX would hold “50 percent of NWS’ shares” and have two seats on the company’s five-member board of directors, the companies said.
NWS said it plans to use the proceeds from the deal “to support film financing, technology development and strategic acquisitions in the technology that supports media distribution through Web3,” a vision for a decentralized internet built on blockchain technology.
APX, led by CEO Shelley Hammond, has struck a series of acquisition agreements, “bringing together production facilities, production slates, visual effects companies and distribution platforms.” The latest transaction comes as APX expects to merge into a publicly traded company later this year.
APX was “absolutely delighted” about the Next Wave Studio deal,” Hammond said. “They have a vision and philosophy, which mirrors that of the APX group, to transform the entertainment industry and allow the inclusivity of breakthrough talent. “We anticipate fantastic things!”
Decentralized CEO Leo Matchett said: “We believe in the power of collaboration and are grateful for the opportunity to create funding initiatives.”
Added Bingeable CEO Stephen Murray: “The vision for NWS is to offer an alternative to the production, marketing and distribution options currently available to filmmakers and financiers. As part of the suite of companies that APX intends to acquire, NWS would have access to impressive resources from a unique collective of businesses who are all seeking to build a better future for filmmakers.”
In addition to its investments, APX “seeks to create its own internal monetary structure with its digital currency and has created its own digital currency, APXCOIN, which can be used for service-rendered financing of media projects in its growing network of studios and production facilities under the banner of APX Group,” the company said.
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