Imagenation Abu Dhabi and Walter Parkes and Laurie MacDonald of Parkes/MacDonald Productions have launched a development financing venture backed by an initial $10m investment.
The revolving fund will support future Parkes/MacDonald projects under their first-look deal with DreamWorks Studios as well as directly with Imagenation Abu Dhabi or with other major studios.
“Not only is this an important strategic and financial venture but it serves as a pipeline in which valuable material will be generated to complement and enhance our existing partnerships with Participant Media, National Geographic and Hyde Park Entertainment, as well as to create new relationships with other major Hollywood studios,” Imagenation Abu Dhabi chairman H.E. Mohamed Khalaf Al Mazrouei said.
“Walter and Laurie have a proven track record and knack for developing quality scripts that attract extraordinary talent,” Imagenation Abu Dhabi CEO Edward Borgerding added. “We look forward to partnering with them and ultimately financing many of their productions through our affiliate companies.”
“This is a unique partnership that reflects many of the realities of today’s rapidly changing film business,” Parkes said. “Regardless of how financial models change or which platforms evolve to deliver filmed entertainment to the audience, at the end of the day it still comes down to the script and this new venture embodies and rewards that philosophy.”
Former DreamWorks co-heads Parkes and MacDonald formed their Santa Monica-based company in May 2005. Their upcoming slate includes Jay Roach’s Dinner For Schmucks, Motorcade, and Men In Black 3.
Imagenation Abu Dhabi was launched in September 2008 to develop, finance and produce features and digital content for Arabic and global markets. Projects include Robert Rodriguez’s Shorts, Peter Weir’s The Way Back, Doug Liman’s Fair Game, as well as Furry Vengeance and The Crazies.