NEW YORK — Limerick Assets, aka Music Box, has closed a deal to invest $17.5 million in film producer-financier-distrib MDP Worldwide Entertainment.
Music Box, one of numerous businesses owned by Chinese billionaire Cheng Kar-Shun and managed by Cheng family administrator Sammy Lee, bought 260 million convertible preferred shares of MDP, exchangeable on a one-to-one basis into class B subordinate voting shares.
“This equity investment represents a significant breakthrough for our company and will enable us to move forward with our strong slate of theatrical feature films,” said Mark Damon, chairman and CEO of MDP. “This certainly elevates us to the highest level of the independent film business.”
Seeking deal with Jackson
Music Box and MDP are continuing to negotiate for a first-look pact with singer Michael Jackson and his film-producing partner, Raju Sharad Patel.
With offices in Montreal and Los Angeles, MDP Worldwide finances, develops and produces an array of feature pics. Company is making “The I Inside,” starring Ryan Phillippe, Robert Sean Leonard, Sarah Polley, Piper Perabo and Stephen Rea.