Blog

The Weinstein Company launched a $285 million Asian Film Fund in 2007 to finance two dozen Asian-themed films over six years. Weinstein brothers, Harvey and Bob, co-founders of Miramax Studios, have released Asian films in the US before and think that it is the right time to expand. The buying power of consumers in Asian markets is growing at a very fast pace and also people in other markets are developing a strong appetite for cultures from various Asian countries.

The much lower production costs of Asian studios provide potential for more bang for the buck. Theme of each movie will be carefully selected to ensure that it is well received in its home market and caters to the western palate. Financing is being provided by various groups such as Continental Entertainment Capital, Israel Discount Bank of New York, Citigroup Global Markets, Inc., and PMA Capital Management Ltd. Goldman Sachs has helped in structuring the deal and placing the fund. Weinstein Company will also be an equity investor in the fund.

The movies will mostly be filmed in Asia and deal with the region’s “unique culture and showcase the talents of leading Asian filmmakers,” the company said in a statement.                     

Titles slated for the fund include a live-action version of “Mulan” and a remake of Japanese director Akira Kurosawa’s 1950′s epic “The Seven Samurai.”                         

The move is part of the company’s intent to increase its profile in Asia, it said. Weinstein has hired Asian film executive David Lee, who will oversee the fund’s creative aspects.

Source

2 Trackbacks / Pingbacks for this entry