TWC and Icon Group Team Up for Production Fund
Collaboration targets 'commercially viable' movies and will provide new funding opportunities.
LONDON - The Weinstein Company and Icon Group, part of Len Blavatnik’s Access Industries, are launching a film financing and production fund for “commercially viable” movies that they say could total $100 million over the first two years.
The collaboration aims to back box-office fare in the range of $5-$20 million, and create new funding opportunities just as independent film divisions at the major studios are slowing down or shuttering completely, according to TWC COO David Glasser.
“We see this collaboration of likeminded companies as a tremendous opportunity to embrace the numerous opportunities out there. Since our restructure, we are very proud of our current slate of films, and this fund will enable us to expand that slate in thoughtful, exciting ways,” he said. Icon and TWC recently distributed Nowhere Boy, The Box and A Single Man.
Under the terms of Monday’s deal, TWC will handle U.S. distribution, Icon will handle U.K. distribution, with all other international territories split between the two.
Spearheading the fund will be Hugo Grumbar, President at Icon in the U.K., and David Glasser of The Weinstein company, who is based in New York. Icon CEO Stewart Till said the deal would suit both partners.
“This is a great deal on two counts. Firstly, it fits our more aggressive acquisitions and production strategy, and secondly it's a fantastic opportunity to work with a newly rejuvenated TWC.”
TWC co-chair Harvey Weinstein also hailed the deal as an opportunity for “quality partners” with a shared vision of producing independent film.