Australia’s Village Roadshow Ltd said its distribution unit has acquired a roughly one-third stake in FilmNation, the U.S.-based film sales and output unit run by CEO Glen Basnet. Village Roadshow will inject $18M worth of equity into the company during calendar 2015, with the lion’s share of the investment going to expand FilmNation’s development slate and the rest slated for content creation and/or acquisitions. The deal takes effect January 1.
Roadshow Films will continue to distribute FilmNation releases in Australia and New Zealand. The company is eyeing pics targeting audiences ages 25 and up with budgets in the $12M-$30 range. FilmNation’s The Imitation Game is in U.S. theaters has earned plenty of awards-season buzz and is in U.S. theaters now, with a Down Under release set for New Year’s Day. The company’s previous films include Magic Mike, Looper and Best Picture Oscar winner The King’s Speech.