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Reel FX, Crest Propose 10-Pic Venture
India’s Crest Animation Studios and U.S.-based vfx studio Reel FX are looking to join forces in a proposed $220 million venture that would generate 10 films over eight year, according to The Hollywood Reporter. Crest’s recent feature products include two coproductions with Canada’s Lionsgate Ent. (Norm of the North, Alpha and Omega), while Reel FX has produced CG animation for films such as Open Season 3 (Sony) and The Wild (Disney) in addition to its feature special effects work.
As Crest stated to the Bombay Stock Exchange earlier this week, “The films to be produced under the proposed joint venture will be distributed by major studios in Hollywood. Reel FX shall be the main creative partner and Crest is envisaged to be the animation services provider from which Crest is expected to earn revenues of more than $100 million over a period of five years. The parties to the proposed JV are intended to invest more than $220 million in the form of a combination of equity and debt.” The proposed slate of 10 CG or hybrid features will be produced over a span of seven to eight years, and development will be superviced by Cary Granat of Granat Entertainment (formerly CEO of Walden Media).
Granat Entertainment recently partnered with Reel FX to form Bedrock Studios, aimed at developing and producing franchise films in the $35 million and under range. It is currently in preproduction on its first project, an animated feature titled Turkeys which stars Owen Wilson and Woody Harrelson as two turkeys who time-travel back to the first Thanksgiving to get themselves off the menu.