The Kushner-Locke Co. has taken a $4.5 million equity position in World Wide Multimedia, a division of debt and equity entertainment financing company Hollywood Intl. Finance.
Under the arrangement, expected to be announced today, KL also acquired an equity interest in HIF.
With $75 million in capital commitments from KL and a group of Taiwanese venture capital and investment banking funds — which include technology, media and computer hardware investments throughout Asia and the U.S., with combined assets of more than $25 billion — WWM will finance the global development of entertainment content, foreign sales and new-media distribution in the Pan-China markets.
HIF was founded in 1998 by president/CEO Chuck Avis, a former head of the entertainment groups at Wells Fargo Bank and Imperial Bank. David Khon recently joined HIF as senior VP and treasurer from Sony Pictures Entertainment, where he served as a consultant and supervised Mandalay Entertainment’s film financing bank facility.
“The combination of our company’s financing experience and the strength of our partners represent strategic opportunities for WWM throughout the Pan-China region and other global markets,” Avis said. “We are pleased with WWM’s initial reception and look forward to continued growth of our relationships throughout the world.”
KL co-chairman and co-CEO Donald Kushner added: “We were drawn to the deal by the list of impressive investment partners and are pleased to have the opportunity to be a part of it. WWM gives the company the ability to expand its international reach and take advantage of opportunities in the expanding Asian markets.”