Chicken Soup for the Soul Entertainment’s subsidiary Screen Media Ventures is teaming with UK outfit Great Point Media on a film acquisition facility that the companies say will be initially funded to $10M.
Great Point is providing 100% of the funds and Chicken Soup’s chief exec William J. Rouhana Jr said the deal would allow it to accelerate its content acquisitions activity, adding that it would continue to use a “capital efficient, lower-risk approach” to buying content.
“This financing allows us to build on our momentum in delivering higher-profile movies and TV series at a significantly lower cost of capital,” added David Fannon, president of Screen Media. “We have a solid track record of identifying content that will be successful and this fund enables us to significantly expand our library by acquiring that type of content when it is available.”
“We had previously financed two of Chicken Soup for the Soul Entertainment’s upcoming films, Willy’s Wonderland starring Nicolas Cage which has been completed and Trigger Point which will begin production shortly,” added Robert Halmi, chairman of Great Point Media. “We are already looking forward to expanding our relationship even further and expect to do so in the near future.”
Chicken Soup operates a series of ad-supported and subscription VOD networks including Crackle, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Españolflix and FrightPix. The company also acquires and distributes video content through its Screen Media subsidiary and produces original long and short-form content through Landmark Studio Group, its Chicken Soup for the Soul Originals division and APlus.com.
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