Here’s the official release detailing what Nikki reported back on October 11:
London/New York (November 01, 2010) – The Icon UK Group, owned by Access Industries, and The Weinstein Company (TWC) today announced a major new film finance/production fund. To be administered by Icon, the fund will focus on commercially viable films in the $5-20 million range and could potentially reach $100 million over its initial two-year period.
Under the terms of the deal, TWC will handle U.S. distribution for projects, Icon will handle UK distribution, with all other international territories split between TWC and Icon. Spearheading the fund will be Hugo Grumbar, President at Icon in the UK and David Glasser, TWC COO based in New York.
The two companies have a shared history and appreciation for a similar slate of films. Both have recently distributed such titles as Nowhere Boy (2009), The Box (2009), A Single Man (2009), and The Road (2009).
“I am excited to collaborate with such quality partners, who share a similar vision of producing independent film,” said Harvey Weinstein, co-chairman of The Weinstein Company.
Icon CEO Stewart Till said, “This is a great deal on two counts. Firstly, it fits our more aggressive acquisitions and production strategy, and secondly it’s a fantastic opportunity to work with a newly rejuvenated TWC.”
“As we witness the shuttering of independent film divisions at the studios, we see this collaboration of likeminded companies as a tremendous opportunity to embrace the numerous opportunities out there. Since our restructure, we are very proud of our current slate of films, and this fund will enable us to expand that slate in thoughtful, exciting ways,” said TWC COO David Glasser.
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