IMAX Corporation is partnering with China Media Capital (CMC) to create a fund, initially capitalised at $50m, to produce Chinese-language movies.
The IMAX China Film Fund will invest between $3m-$7m in a minimum of 10 films that can “leverage the IMAX brand, relationships, technology and release windows”. However, the fund has the flexibility to produce non-IMAX content, develop original films or co-finance studio productions.
The fund, which will be managed by an IMAX-CMC greenlight committee, is also in discussions with additional investors.
Headed by chairman Li Ruigang, CMC acquired a 10% interest in IMAX’s Hong Kong-based subsidiary, IMAX China, in 2014.
“For more than a decade, IMAX has strived to be and continues to work toward being a part of the Chinese entertainment ecosystem,” said IMAX CEO Richard L. Gelfond from Shanghai where he delivered a keynote address at the Shanghai International Film Festival.
“This fund is the next step in that evolution as it allows us to join with our good partner CMC and work closely with the country’s top filmmakers to bring to Chinese audiences and to export to international audiences top-quality Mandarin content.”
IMAX, which has more than 205 screens in China, is gearing up to float IMAX China on the Hong Kong stock exchange.