Premiere launches Media Pro fund
Producers to get access to $45 million fund
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The new fund, dubbed Media Pro, allows individual investors to join together in partnerships and will focus on pics in the $2 million-$25 million budget range.
Media Pro mirrors a previous fund set up by Premiere called Sovereign, which saw the financier raise $45 million in the past year and invest in a range of projects.
Premiere has invested in a number of feature projects recently, including John Carpenter's thriller "The Ward," Demi Moore-David Duchovny starrer "The Joneses" and "Perrier's Bounty," starring Cillian Murphy.
Media Pro will operate as a stand-alone fund from Sovereign. Premiere Picture concentrates on coin from high-net-worth individuals to raise its funds.
Through Media Pro, Premiere will look to finance about 10% of a project's production budget.
"At a time when many competitors are cutting back their reach, Premiere Picture is seeing substantial growth in funds and investment, with Media Pro being the latest initiative offering choice and real opportunity to our investors," commented Adam Betteridge, Premiere's chief operating officer.
