November 12, 2013
Fox International Productions have closed a four year, multi-picture, co-financing deal
LOS ANGELES, CA (November 12, 2013) - Fox International Productions (FIP), a division of 20th Century Fox Film, and Ivanhoe Pictures, the film and television company recently launched by international financier Robert Friedland, producer John Penotti and media executive Ray Chen, have closed a four year, multi-picture, co-financing deal for local language films in India, Korea, China, Japan and Taiwan. Ivanhoe's initial allocation is $130 million.
FIP President Sanford Panitch and Ivanhoe Pictures' Chairman Robert Friedland and President John Penotti made the announcement today.
"Last year, Asia as a whole represented 42% of the International box office and local language films globally account for $6.5 Billion, or around 30% of the total International box office," said Panitch "With the top four local product markets all being in Asia (India, China, Japan, and Korea), it continues to be a priority for Fox International Productions as we expand our activities in the region with this new deal. Robert Friedland is an impressively forward-thinking and global-minded businessman and we look forward to working with him and his team."
Ivanhoe Picture's President John Penotti stated: "Ivanhoe Pictures was launched with an initial mandate to cultivate finance, production and distribution opportunities between North America and Asia. There is no better partner than FIP to help realize these goals. Sanford and his team have taken the time to fully understand the local markets and therefore excel by collaborating with the best directors, producers and actors. We too believe in this approach to global filmmaking. As we ramp up operations in North America and internationally, the Ivanhoe team looks forward to a long and fruitful relationship with FIP."
The pact begins with Ivanhoe investing in 10 FIP-produced films in varying stages of production in India, Korea, China and Taiwan. Fox International Productions recently crossed $500 million in box office from local language films it has produced since its inception just four years ago. FIP currently is making films in 11 countries throughout Asia, Western Europe and Latin America and is considered the most successful local language film operation in the world.
The deal was negotiated for Ivanhoe Pictures by Walk the Walk Entertainment's Steve Hutensky, Ivanhoe's Head of Business Affairs Brian Kornreich and Vice Chairman Gary Gartner.
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