Icon funds Weinstein Co.
13 October, 2010
Len Blavatnik’s investment in the Weinstein Co. movies signals the Ukrainian-born businessman’s desire to expand his foothold in Hollywood. Blavatnik has agreed to invest in a new three-year film fund for the Weinstein Co. for a slate of movies with budgets of $5 million to $20 million. Initially, Blavatnik would invest $25 million into a revolving facility but could ultimately put up as much as $100 million, people close to the deal said.
Under the agreement, the Weinstein Co. will release the movies in the U.S. and Canada and also control rights in Australia, Germany and France. Blavatnik’s U.K. based production, distribution and foreign sales company Icon Entertainment, headed by foreign distribution veteran Stewart Till, will release the films in Great Britian and handle all other international markets.
Profits from the films will be split evenly between the companies.