Stuart Ford’s IM Global and New York-based investment firm Penny Black led by executive chairman Lawrence Salemeno have established the 1840 Fund to create entertainment properties with multi-media potential.
The partners have wasted little time lining up two projects that are expected to be announced in due course. The goal is to create material that will translate into features, stage productions, television, digital media and merchandising.
Tech-savvy Penny Black specialises in early stage innovation and is an investor in Wonder Falls, the company run by Rock Of Ages Broadway director Kristin Hanggi, who introduced Ford to Penny Black.
“The combination of IM Global’s eye for commercially viable content and Penny Black’s financial resources and entrepreneurial edge is an exciting one,” Ford said. “We’re looking forward to sourcing some great projects together.”
“We see content consumption commanding higher degrees of flexibility, driven primarily by technology adoption,” Salemeno said. “At the same time, capital efficiency is accelerating the time and lowering the cost of bringing new ventures to market. Networks are essential to our thesis, strong resources, talent, and capital is critical and exemplified by top-tier partners like Stuart and IM Global”.
IM Global evp of motion picture finance Michael Roban brokered the deal with Penny Black managing director Eliot Durbin.