×
You will be redirected back to your article in seconds

Imperial, Benfield form film-financing venture

Benfield Imperial Entertainment Finance to be topped by Atkinson, Underwood

Showbiz banker Imperial Entertainment Group on Thursday announced a transatlantic alliance with the U.K.’s Benfield Group, a leading independent reinsurance agency headquartered in London.

Deal calls for the partners to create a venture called Benfield Imperial Entertainment Finance, headed by Benfield’s Ed Atkinson in London and Imperial senior VP and co-manager Jared Underwood in Los Angeles.

Underwood called the U.K. “an important market which we felt we were underserving.” Imperial is active in financing theatrical films, including many indie projects, as well as TV production and music projects.

Benfield will own the entity and provide business development and client relationship services for Imperial, a Beverly Hills-based entertainment finance firm owned by Comerica Bank.

“The United Kingdom has been crying out for a substantial entertainment finance lender,” Atkinson said, noting that Benfield is a major player in insurance-backed financing. “Although this practice is waning, it is an area we largely dominate and will continue to develop.

“We look forward to being able to offer U.K. and British-based productions the complete financial option through our new alliance with Imperial.”

More Biz

  • Here’s How Much Money 10 Artists

    Here’s How Much Money 10 Artists Are Owed by PledgeMusic

    For eight years, PledgeMusic was a success story: A direct-to-fan platform where artists worked directly with their audiences to fund their albums, tours and all stripes of merchandise, with fans able to purchase everything from custom guitar picks to private concerts. Yet last June, Variety broke the news that the company is struggling to pay [...]

  • Korea's CJ CGV Switches Turkey CEOs

    Korea's CJ CGV Switches Turkey CEOs as It Battles With Local Industry

    Yeun Seung-ro has been appointed as CEO of CGV Mars Entertainment, the Korean-owned company that operates Turkey’s largest cinema chain. He replaces Kwak Dong Won, another veteran of the CJ-CGV group. The change of personnel may reflect two ongoing battles within the Turkish film industry. CJ-CGV, which bought Mars for some $650 million in 2016. [...]

  • China Video Streaming Giant iQIYI Loses

    Chinese Video Giant iQIYI Loses $1.3 Billion in 2018

    Chinese video streaming firm iQIYI lost over $1.3 billion in 2018, as revenues and subscriber numbers ballooned. The deepening losses reflected ever higher spending on original content production. Announcing its first full-year financials since a March IPO that launched it onto the NASDAQ, iQIYI said that it lost $1.3 billion (RMB9.1 billion) last compared with [...]

  • Lisa Borders Time's Up

    Time's Up CEO Resigned After Son Was Accused of Sexual Assault

    Time’s Up has announced in a statement posted to Instagram that its former president and CEO Lisa Borders, who resigned Feb. 18, did so after her son was accused of sexual assault in a “private forum.” “Within 24 hours, Lisa made the decision to resign as President and CEO of Time’s Up and we agreed [...]

  • Louis Tomlinson Signs With Arista (EXCLUSIVE)

    Louis Tomlinson Signs With Arista (EXCLUSIVE)

    One Direction’s Louis Tomlinson has signed with Arista, sources tell Variety. While the singer was formerly linked with Epic Records in 2017, he is signed directly to Simon Cowell’s Syco label and will move within the Sony Music family to Arista. Tomlinson teased a new single on Feb. 2, posting on Twitter, “Just heard the [...]

  • Jussie Smollett

    Jussie Smollett's Bail Set at $100,000, Must Surrender Passport

    UPDATED: A Chicago judge set a $100,000 bond for Jussie Smollett on Thursday, as the “Empire” actor made his first court appearance. Smollett faces one felony count of filing a false police report. Police allege that Smollett staged a Jan. 29 attack, telling detectives that he was accosted by two men who used racial and [...]

More From Our Brands

Access exclusive content