The 60-year-old Gersh Agency has continued its recent expansion effort by securing $30 million to fund pic production and has settled on its first co-financed project.
The agency has moved to new Beverly Hills digs, taking 35,000 square feet of space at 9465 Wilshire Blvd.
After hiring producer Jay Cohen in April to head up its film financing and packaging division, Gersh has secured $30 million in film coin to finance or co-finance two to four indie features per year.
The funding comes from private investments from Queen Nefertari Prods. CEO Cynthia Stafford and producer Jeff Kalligheri. They will be producers on the funded projects; thesp- producer Lanre’ Idewu will be consulting producer.
The first project to be coined under the fund is “Adrenaline,” a comedy scripted by Justin Ware about a buttoned-up corporate guy who gets sucked into his crazy assistant’s scheme of seducing women by staging heroic acts. The film is produced by Kirkland Tibbels of Hollywood Farms Production Co., Matthew Lillard and Kerry Barden.
Ware is a Gersh-repped writer, but the agency said the fund will not be exclusive to its clients.
Principals Bob and David Gersh and managing partner Leslie Siebert continue to steer growth, recently setting up a Theatrical Tour Booking division housed in its Gotham headquarters and run by former WMA agent Roland Scahill. The agency also recently promoted Abram Nalibotsky to partner, named Alex Yarosh to head its talent department, hired Endeavor alum Daisy Wu and promoted six assistants to become agents.
“These changes are significant and important investments which further grow the resources of our agency,” said Bob and David Gersh in a statement. “The new larger office space and opening of new divisions are strategic business moves that strengthen and expand our capabilities.”