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TOKYO – A group of Japanese media and entertainment companies, with 6 billion yen ($80 million) from a public-private investment fund, will form the All Nippon Entertainment Works Co. to develop and market domestic properties to Hollywood.
Offices for the new venture are due to open in Tokyo and Los Angeles, where content from anime to toys to movies will be touted internationally. The company will look to work with U.S. producers on remakes based on a wide range of Japanese source material.
The new entity is backed by film companies Asmik Ace, TOHO-TOWA and Nikkatsu, Fuji TV and TBS (Tokyo Broadcasting System) television nets, anime house Production I.G., advertising giant Dentsu, toymaker Tomy, and conglomerate Mitsubishi Corporation.
All the start-up money will come from the Innovation Network Corporation of Japan (INCJ), a fund backed by the government and major corporations such as Sharp, Hitachi, Toshiba, Sumitomo and TEPCO.
Keita Nishiyama, INCJ executive managing director, has said that if at least one hit is not developed through the first 3 billion yen ($40 million) invested, the company will liquidate.
INCJ has so far invested around $1.5 billion in 16 ventures in Japan, across a variety of innovation-linked industries.
All Nippon Entertainment Works Co is scheduled to begin operations in October this year.
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