The new company, Allegory Holdings is backed by Cultural Investment Holdings, the Shanghai-listed parent of Jackie Chan’s Sparkle Roll Media, and jointly owned by CIH and R&D, a new company headed by Raimi (“The Evil Dead,” “Spider-Man) and German director Henckel von Donnersmarck (“The Lives of Others”.) .
According to a regulatory filing by CIH, Allegory will receive $150 million from CIH for a 60% stake in Allegory, while the R&D pair put up $100,000 for the remaining 40% balance. A further $500 million of funding may be made available dependent on projects.
Allegory will finance and produce films in the $30-$80 million range, with an emphasis on the directorial projects of of Raimi and Henckel von Donnersmarck, as well as movies they produce. CIH will handle their release in China, while the company will seek a Hollywood studio level relationship for international distribution.
The deal was given a symbolic sendoff at a signing ceremony in Beijing on Tuesday, though the filing says that many details remain to be worked out.
“We have spent the last five years dreaming up and planning Allegory Films, a platform where we and a group of directors we admire, will be able to make films of the highest quality films with worldwide appeal under ideal conditions,” Raimi and Henckel von Donnersmarck said in a joint statement.