MDA, Hyde Park, Imagenation extend deal
New $75 mil film fun to produce three to four films per yearBUSAN -- Singapore's Media Development Authority, Hyde Park Entertainment and Imagenation Abu Dhabi have extended their existing partnership into a five-year production agreement.
The trio aim to fund three to four films per year with a combined production value of $75 million over the five-year period. The new operation will be based in Singapore.
"This deal serves several strategic objectives for Imagenation," said Edward Borgerding, the chief executive of both Imagenation Abu Dhabi and Abu Dhabi Media Company. "One is that it increases our ability to finance movie." He added, "It gives us a focus East – Singapore, China, India – which is something that we want to do."
"It could be fun to make a Korean movie, or Hong Kong, Cantonese kind of movie, but the big game that we are playing for would mostly be China and India," said Borgerding. An English language cross-cultural production to be named in the coming weeks is expected to be the venture's first picture.
Imagenation Abu Dhabi and Hyde Park Entertainment previously partnered in November last year on a $250 million deal to develop, produce and distribute up to 20 films over seven years. Hyde Park Entertainment, which is headed by Hollywood-based Indian businessman Ashok Amritraj, also has a previous deal to establish a film fund with the MDA.
"My continued vision is to bridge Asia with Hollywood," Amritraj said in a statement.
"Connecting partners from three different continents to produce international films through an Asian headquarters in Singapore, the Hyde Park-Imagenation-MDA alliance is the latest transnational industry collaboration that fulfills Singapore’s promise as a trusted global capital for media business," said Dr. Christopher Chia, the chief executive of MDA..
Last week Imagenation Abu Dhabi unveiled a deal with top Hollywood Producers Walter Parkes and Laurie MacDonald that provides a $10 million revolving financing fund to develop film projects from their Parkes/MacDonald Prods company. The cash pool potentially covers projects developed under their first-look deal with DreamWorks Studios or directly with Imagenation.