Crescent acquires Prominent Pictures stake
Deal will help fund slate of films budgeted at $2 mil-$10 milL.A.-based merchant bank Crescent Financial Partners has acquired an unspecified minority stake in startup indie film producer Prominent Pictures for $10 million.
The minimum capital commitment will help fund a slate of feature films budgeted at $2 million to $10 million apiece. Prominent principals include film producers Paull Cho ("Closer to Crazy") and Heather Rae ("Frozen River").
"Heather Rae and Paull are working on a very exciting slate of films that we believe could potentially rival the quality and success of 'Frozen River,' " Crescent managing director Russell Armstrong said.
"Our focus is on smart financing models for independent films by forging key strategic alliances with distributors, studios and agencies that address the best means of commercial success for each individual project," Cho said.