Dubai, Nov 2 (UNI) In one of the major media deals, Ashok Amritraj's Hyde Park Entertainment will partner Imagenation Abu Dhabi, a wholly-owned subsidiary of Abu Dhabi Media Company in a 250 million dollar financing deal to develop, produce and distribute feature films.
The agreement concluded in Abu Dhabi 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.
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 wonderful films that stretch from Hollywood to Asia, enabling us to foster a better understanding between the West, West Asia and Asia.
What better way to accomplish this than through global cinema and the exchange of talent and great stories.
Mohamed Khalaf Al-Mazrouei, the Chairman of Imagenation Abu Dhabi, said the partnership will help create feature films which open a window on West Asian and Asian culture, enabling audiences around the world to look in and appreciate the region's rich and increasingly dynamic heritage.
In addition to its two four 54 headquarters, Hyde Park's Los Angeles base will provide a front office function. Patrick Aiello, Hyde Park's Executive Vice President, will supervise creative affairs for the partnership, while Mimi Steinbauer, newly named President of Hyde Park International, will handle foreign sales for pictures produced by the company. Stefan Brunner, CFO of Imagenation Abu Dhabi, will oversee the financial aspects of the joint venture, an release from Abu Dhabi Media company said.
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