The film and TV investment fund APX Group, as well as its newly formed UK division Herd International Productions, have announced a joint venture with Portugal’s Moviebox Group to invest 1 billion euros ($1.018 billion) in productions over seven years.
A joint venture between APX and Moviebox, the division will specialize in content from Portugal and the Iberian Peninsula, with all projects being completed as co-productions, utilizing the network of facilities under the APX Group banner in Europe, the U.S., and the U.K.
Through the newly-formed company, the financing structure will be streamlined and, because of close business ties between the U.K. and Portugal, Herd International Productions, set up by the creators of Burning Wheel Productions and The Engine Room, which merged into APX in late June 2022, will manage the day-to-day operations.
Moviebox’s Julian Hicks and Herd’s Shelley Hammond will lead the new venture, with Ben Dillon, Iggy Ellis, and Hollie Richmond providing additional support.
A month after APX launched its APXCOIN digital currency, which is used to provide the JV with financing, the deal was announced. APX Currency has allocated Euros 300 million ($305 million) to the new entity for use exclusively on film and TV projects over the next two years, with a further 700,000 million euros ($713 million) to arrive over the next five years.
Hicks said, “We are absolutely delighted to be creating this massive joint venture with APX and embarking on this tremendous journey.”. “We share the same passion for creating compelling content that resonates with the modern world.”.
Moviebox is currently developing facilities in the Algarve with their partners, which will include over 100,000 square feet of production space, flexible warehouses, production offices, set locations, and support services.
“Both APX and Moviebox will invest 1 billion euros to attract major projects to Portugal and the Iberian Peninsula to use the current facilities as well as the ones being expanded and developed, as well as the wide scope of locations available in Algrave and Portugal,” Hicks added.
“This deal is hugely exciting for the parties involved as well as for the global production community as a whole,” Hammond said. “Julian’s team at Moviebox is creating something incredibly special which will host many groundbreaking productions in the future. It is an honor and a pleasure to be part of this journey with APX and Herd.”
Source: Hollywood reporter
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