Prescience, Mandalay strike two-year production finance pact
UK financier Prescience will invest $50m in production financing for up to six films to be produced by LA-based Mandalay Pictures under the terms of a two-year deal.
Newly launched Ealing Metro, the joint venture launched by Prescience and Ealing Studios, has an option to handle international sales on all the titles.
Mandalay and Prescience will greenight and greenlit jointly finance the projects, which are expected to run into the $5-15m budget range. Prescience will provide production financing for the majority of the projects.
“Cathy Schulman and the team at Mandalay have built a reputation for working with high calibre filmmakers who have a unique vision and proven track record in the international marketplace,” Prescience managing director Tim Smith said. “Mandalay’s sensibility and entrepreneurial business approach and profile in the US is tremendous and we look forward to working with them on this slate deal.”
“At Mandalay Vision, we’re committed to encouraging and fortifying a thriving marketplace for independently financed film,” Mandalay president Cathy Schulman said. “In Prescience, we’ve found an elegant, high quality partner with excellent taste, who shares our desire to support filmmakers with vision.”