BBC Films, BBC Worldwide and Cobalt Media Group, the new name for MM Media Capital Partners, have finalised their co-financing partnership for large-scale, international pictures.
The partnership will give the UK broadcaster's film arm, BBC Films, access to at least $150m over three years. The BBC will have a 50% net position in all films. Cobalt is expected to handle international sales through its fledgling licensing operation under Peter Rogers, while BBC Films is likely to retain certain rights including the UK.
The partners are yet to firm up their first project. BBC/Cobalt films are expected to be budgeted at least $12m, complementing BBC Films' existing partnership for lower budget films with Kinowelt and Lolafilms. The deal was brokered by Duncan Heath, Lyndsey Posner and Jeff Shumway of ICM.