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Toronto: SiriusXM Backer Launching Ivanhoe Pictures

New financing-production banner to be based in Hollywood

A trio of media-enteratinment veterans — financier Robert Friedland, producer John Penotti and Beijing-based media executive Ray Chen — have launched Ivanhoe Pictures as a financing and production company.

Friedland’s Ivanhoe Capital Corp. provided the founding venture capital for U.S.-based Sirius Satellite Radio, which went on to build SiriusXM. The venture was announced on Sunday during the Toronto Film Festival.

Ivanhoe will work on films in America and Asia, focusing on China, India, Korea and Japan. It will be based in Hollywood with offices in Beijing and New York.

Friedland is chairman and Penotti is CEO while Chen serves as exec VP.

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.

News was first reported on the Deadline.com site.

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