By Nigel M Smith | Indiewire November 1, 2010 at 9:35AM
The Icon UK Group and The Weinstein Company (TWC) have joined forces to launch a major new film finance and production fund. To be administered by Icon, the fund plans to focus on films in the $5-20 million range, with hopes to potentially reach $100 million over its initial two-year period. Spearheading the fund will be Hugo Grumbar, President at Icon, and David Glasser, TWC COO.
TWC is set to handle U.S. distribution for projects, while Icon will handle the UK end. All other international territories are to be split between TWC and Icon.
Icon CEO Stewart Till is excited about the partnership, noting in a press release: "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."
Glasser concurs, stating: "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."