Film and television investment fund APX Group, together with its newly formed British arm Herd International Productions, have announced a major deal to form a joint subsidiary with Portugal’s Moviebox Group, which it says has a total budget of €1 billion ( 1,018 million dollars). . . . Invest in the product for seven years.
An equal partnership between APX and Moviebox, the division will focus on content from Portugal and the Iberian Peninsula. , United States and United Kingdom The financing structure will be streamlined through the new company and, due to the close commercial ties between the United Kingdom and Portugal, will be managed daily by Herd International Productions, created by Danny Boyle, founders of Burning Wheel Productions and The Engine Room Companies, supporting the musical biography produced. creation storieswhich merged with subsidiary APX in late June 2022.
The new venture is led by Julian Hicks of Moviebox and Shelley Hammond of Herd, with additional support from Herd executives Ben Dillon, Iggy Ellis and Holly Richmond.
The deal was announced a month after APX launched its APXCOIN digital token, which is used to secure JV funding. An initial budget of €300 million (US$305 million) was allocated to the new entity through the APX Currency for the exclusive use of film and television projects over the next two years, with an additional €700 billion (US$713 million) for coming. for the next five years.
“We are absolutely thrilled to form this massive JV with APX and embark on this tremendous journey,” said Hicks. “We all share a desire to create films and episodic content that resonate in today’s world.
Moviebox, together with its partners, is currently developing facilities in the Algarve, which include 100,000 square feet of production space and flexible warehouses, production office space, film and television industry support locations and services.
This €1 billion investment by APX and Moviebox will attract major projects in Portugal and the Iberian Peninsula to use existing, expanded and developed facilities, along with a wide range of locations in the Algarve and Portugal. added Hicks.
“This agreement is very exciting not only for the parties involved, but also for the global manufacturing community,” said Hammond. “Julian’s team at Moviebox is creating something incredibly special that will bring many innovative home theaters for years to come.” APX and Herd are excited to be a part of this journey.
Source: Hollywood Reporter
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