Fox International Productions (FIP) and Ivanhoe Pictures have signed a four-year, multi-film co-financing deal for local language films in India, South Korea, China, Japan and Taiwan.
Ivanhoe, the film and TV entity established earlier this year by international financier Robert Friedland (pictured), producer John Penotti and media executive Ray Chen, has allocated an initial $130m.
The arrangement begins with an investment in 10 FIP films at various stages of production across the four aforementioned territories. FIP is currently making films in 11 countries throughout Asia, Western Europe and Latin America.
Its local-language productions recently crossed a $500m in box office since the company’s inception four years ago.
“Last year, Asia as a whole represented 42% of the international box office and local language films globally account for $6.5bn, or around 30% of the total international box office,” said FIP president Sanford Panitch (pictured).
“With the top four local product markets all being in Asia (India, China, Japan and Korea), it continues to be a priority for Fox International Productions as we expand our activities in the region with this new deal. Robert Friedland is an impressively forward-thinking and global-minded businessman and we look forward to working with him and his team.”
“Ivanhoe Pictures was launched with an initial mandate to cultivate finance, production and distribution opportunities between North America and Asia,” said Ivanhoe Pictures president Penotti.
“There is no better partner than FIP to help realise these goals. Sanford and his team have taken the time to fully understand the local markets and therefore excel by collaborating with the best directors, producers and actors.
“We too believe in this approach to global film-making. As we ramp up operations in North America and internationally, the Ivanhoe team looks forward to a long and fruitful relationship with FIP.”
Walk the Walk Entertainment’s Steve Hutensky, Ivanhoe’s head of business affairs Brian Kornreich and vice-chairman Gary Gartner negotiated the deal for Ivanhoe.