UK sales and finance outfit Great Point Media has partnered with U.S. fund manager MC Credit Partners on a new initiative to finance film and TV projects.
According to the two firms, funds managed by MCCP will invest up to $100M in the partnership and Great Point has already committed a minimum of $80M. The commitment marks the first institutional investment for Great Point’s global project finance fund and will be used to back larger-scale media projects.
In September, Great Point Capital partnered with Lionsgate to develop a $100M+ studio complex in Yonkers, New York. Great Point says it is currently assessing seven additional sites for studio development in the UK, U.S. and Europe.
Commenting on the investment, Robert Halmi, Chairman of Great Point Media said, “Since 2013, Great Point Media has produced, financed and distributed more than $600M of content and financed over 170 projects. This commitment from MCCP is recognition of how far we have come and a welcome sign that larger institutions are seeing the investment opportunity within the TV and film sector. We expect this fund to grow significantly in the coming months. Our ambition is to continue to grow our successful model and look for larger projects that are being made for the studios, traditional broadcasters and new platforms who are all commissioning an increasing amount of original content. We are in a great position to help service the industry with a growing, efficient source of capital.”
Ashok Nayyar, Chief Investment Officer of MCCP added, “This is an exciting investment for us. We find growing markets and back top management in the most attractive sectors in those markets. The global film and TV business is growing exponentially, with demand for quality content far outstripping supply. Great Point has a top team, has demonstrated significant insight into the industry, and has a proven track record for backing winning projects.”
Great Point’s film sales slate includes BAFTA-nominated The Last Tree and Robert Pattinson starrer Damsel. TV projects include Jenna Coleman starrer The Cry and Benedict Cumberbatch drama Brexit: The Uncivil War. As we revealed, the company launched Haifaa Al-Mansour’s Stephanie Shirley biopic at the AFM.