LOS ANGELES, Sept 10 (Reuters) - Independent film company Participant Media on Wednesday said it formed a $250 million fund with Abu Dhabi Imagenation to finance a slate of films, becoming the latest producer to join forces with the media firm from the oil-rich region.
The five-year revolving fund provides funding for 15 to 18 narrative feature films, according to Participant Media, which describes itself as a company that produces films that inspire social change such as “An Inconvenient Truth.”
The partnership follows last week’s announcement that the government of Abu Dhabi was investing $1 billion through 2013 in Imagenation media firm, which aims to make 8 films a year.
Imagenation, launched last week by Abu Dhabi Media Co, said it expected to clinch deals with media groups over the next month and is eyeing acquisitions.
“Participant Media is one of the most respected and successful independent film companies doing business today. We are delighted to confirm this first, milestone joint venture just one week after announcing Imagenation Abu Dhabi,” said Edward Borgerding, CEO of Imagenation Abu Dhabi. (Reporting by Sue Zeidler; Editing by Phil Berlowitz)