Ivanhoe will invest in 10 FIP-produced films in varying stages of production in India, Korea, China and Taiwan. FIP currently is making films in 11 countries throughout Asia, Western Europe and Latin America. Ivanhoe’s initial allocation is $130 million.
“Last year, Asia as a whole represented 42% of the International box office and local language films globally account for $6.5 Billion, or around 30% of the total International box office,” said FIP President Sanford Panitch. “With the top four local product markets all being in Asia (India, China, Japan, and Korea), it continues to be a priority for Fox International Productions as we expand our activities in the region with this new deal. Robert Friedland is an impressively forward-thinking and global-minded businessman and we look forward to working with him and his team.”
John Penotti (pictured above), president of Ivanhoe Pictures, added, “Ivanhoe Pictures was launched with an initial mandate to cultivate finance, production and distribution opportunities between North America and Asia. There is no better partner than FIP to help realize these goals. Sanford and his team have taken the time to fully understand the local markets and therefore excel by collaborating with the best directors, producers and actors.”
The deal was negotiated for Ivanhoe Pictures by Walk the Walk Entertainment’s Steve Hutensky, Ivanhoe’s Head of Business Affairs Brian Kornreich and Vice Chairman Gary Gartner.
Fox International Productions is a division of 20th Century Fox Film. Ivanhoe Pictures is the film and television company recently launched by international financier Robert Friedland, producer John Penotti (pictured above) and media executive Ray Chen.
Friedland’s Ivanhoe Capital Corp. provided the founding venture capital for U.S.-based Sirius Satellite Radio, which went on to build SiriusXM. Friedland has invested via his Ivanhoe Capital Corp. in more than 50 countries during the past 25 years, including Sina.com in China.
Penotti has produced more than 30 movies via GreeneStreet Films, including “In the Bedroom,” “A Prarie Home Companion” and “Swimfan.”
Chen previously served as founder and chairman of Beijing Premiere Media Co.