PalmStar's Kevin Frakes to head new venture
The Munich-based company has deep pockets to package productions out of L.A. K5 co-founders Oliver Simon and Daniel Baur, working with Frakes, have secured $30 million in equity capital to invest this in pics over the next two years. It will also finance projects via equity, tax incentives and international sales.
K5 Film will produce or co-produce the slate of films, which K5 Intl. will sell.
The sales arm co-financed and pre-sold most territories for Paul Walker actioner “Vehicle 19” (which PalmStar Media Capital also backed) during last year’s Cannes Film Market.
Frakes’ main role will be to source investment opportunities and work with producers and agents in Los Angeles to greenlight larger scale productions.
He will remain owner and CEO of PalmStar Entertainment and co-CEO of PalmStar Media Capital.
Aside from “Vehicle 19,” K5 has regularly worked with Frakes’ on financing, including Bille August’s “Night Train to Lisbon,” toplining Jeremy Irons, Melanie Laurent, Vanessa Redgrave and Christopher Lee.
In 2009, K5 acquired a stake in PalmStar Entertainment and entered into a representation deal.
“As we begin to expand our involvement in the development and production of major feature films, Kevin’s access to and knowledge of the Hollywood talent system will deliver the calibre of cast and producer we’ve grown to expect from our films,” said Simon in a statement.
K5 also has Cary Elwes’ directorial debut “Elvis & Nixon” on its slate. Pic, which is in pre-production, stars Eric Bana and Danny Huston.