Coin used to finance P&A for 8 to 10 pix
Miracle Film Distribution has announced a $500 million partnership with media investment fund Global Media Management and international advisory consortium Asida Group that will finance prints and advertising for new theatrical releases.Under the plan, the fund will provide in kind advertising credits to the tune of $100 million in the fund’s first year, with an additional $400 million becoming available in the second year of operation. Fund is meant to go toward both acquisitions and Miracle productions; aim is to finance P&A for eight to 10 releases over the first 12 months through media management and ad buying agency Initiative Media Worldwide. According to the announcement, MFD will acquire worldwide distribution rights on films selected for support. Headed by prexy-CEO Kent Moors, Asida consults on private portfolio equity and fixed income investments in the Russian, Ukrainian, Moldavian and Kazak markets. Asida has offices in Pittsburgh, Moscow, London and Nassau. With headquarters in Memphis, GMM owns broadcast and print media as well as TV advertising time and space rights. With offices throughout North America, IMW was ranked by international research institute Recma last year as the No. 4 media specialist worldwide, with billings of $16.8 billion. Earlier this year, MFD announced a P&A fund for its own domestic releases in conjunction with Jon Gentile’s Los Angeles-based FilmStar Releasing. That fund was to provide millions in P&A on a revolving basis for three years. Former Hemdale Film topper John Daly heads MFD. Company released “The Scoundrel’s Wife,” starring Tatum O’Neal and Julian Sands, last month.