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Imagenation Abu Dhabi in US$250M tie-up to produce feature films
posted on 03/11/2008
 Imagenation Abu Dhabi, a wholly owned subsidiary of Abu Dhabi Media Company, is partnering with Hollywood-based Hyde Park Entertainment in a US$250 million financing deal to develop, produce and distribute feature films.
The agreement aims to create up to 20 films over seven years and will include additional financing for the production of local language and cross-cultural films.
On September 8, the company was setup by Abu Dhabi Media Company which owns Abu Dhabi's radio, television, newspapers and magazines, with an aim to invest US$1 billion in producing films and digital content over a period of five years. Since then deals have been struck with the Participant Media amounting to US$250 million and National Geographic Entertainment valuing US$100 million. According to details, Hyde Park Entertainment will also establish its regional headquarters at Two Four 54, the recently unveiled free media zone in Abu Dhabi.
Ashok Amritraj, Chairman and CEO of Hyde Park Entertainment and producer of star-driven features including Bringing Down the House, Raising Helen and Walking Tall said: "We intend to produce films that stretch from Hollywood to Asia, enabling us to foster a better understanding between the West, the Middle East and Asia.”
Mohamed Khalaf Al Mazrouei, the Chairman of Imagenation Abu Dhabi, said that the Emirate's investment with international media partners is putting the emirate in the global spotlight at a critical time for the movie industry.
"Through partnerships, we can create feature films which open a window on Middle Eastern and Asian culture, enabling audiences around the world to look in and appreciate the region's rich and increasingly dynamic heritage,” he said. Edward Borgerding, CEO of Imagenation Abu Dhabi said: "Hyde Park Entertainment brings us not only creative and commercial prowess but also distribution strength.” In addition, Hyde Park's LA base will provide a front office function. Patrick Aiello, Hyde Park's EVP, will supervise creative affairs for the partnership, while Mimi Steinbauer, newly named President of Hyde Park International, will handle foreign sales. – Khaleej Times
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