Media Asia, Avex start $50 mil film fund

Five-year deal has no projects specified

HONG KONG -- Media Asia signed a deal with Japan's Avex Group on Friday to establish a $50 million film fund.

The fund, a joint venture tabbed Pamiem Film Fund Ltd., will develop and produce co-productions for the two studios over a five-year period. No projects have been proposed yet.

Hong Kong-based Media Asia, the film division of entertainment powerhouse eSun behind such films as the "Infernal Affairs" trilogy and "The Banquet," will produce films with the Japanese music and film conglomerate that will target the Asian market.

Media Asia releases have had a significant presence in China. "The Warlords" and "The Assembly," released in China last year, earned almost 72.9 million combined. Avex also has ventured into China via a 20% stake at the Chinese studio Chengtian.