Grumbar and Glasser to head fund, which could reach $100m in initial two years.
Confirming rumours from recent weeks, The Icon UK Group and The Weinstein Company have today announced a new film finance and production fund.
Icon will administer the fund, which will focus on comercially viable films with budgets of $5m-$20m. The fund could reach $100m over its initial two-year period.
Under terms of the deal, TWC will handle US distribution while Icon will handle UK distribution. All other international territories will be split between TWC and Icon.
The heads of the initiative will be Icon President Hugo Grumbar, based in London; and New York-based TWC COO David Glasser.
Grumbar told Screen today: “We think there’s a real gap in the market for these $5m-$20m pictures, especially as studio speciality divisions close. This is something we’ve both talked about for a while. Both of us want the same things.” He added that projects worked on would need to be “internationally appealing.”
“I am excited to collaborate with such quality partners, who share a similar vision of producing independent film,” said Harvey Weinstein, co-chairman of The Weinstein Company.
Icon CEO Stewart Till said, “This is a great deal on two counts. Firstly, it fits our more aggressive acquisitions
and production strategy, and secondly it’s a fantastic opportunity to work with a newly rejuvenated TWC.”
The companies share a similar taste in films; separately, both had worked on films including Nowhere Boy, A Single Man and The Road.
Grumbar noted that he was on the phone with Glasser daily and “there are projects we’re already discussing. We want to get moving.”
The fund was organised by Len Blatavik’s Access Industries, which is Icon’s backer.
With Grumbar’s new responsibilites, Icon may be revealing staff shifts in coming weeks.