Following the successful launch of its first animated feature, Hoodwinked, The Weinstein Co. has announced the closing of a $500 million film securitization facility. With total financing at approximately 1.2 billion, the company has a solid foothold for producing and distributing more animated and live-action independent films.
Founded in October of 2005 by former Miramax heads Bob and Harvey Weinstein, The Weinstein Co. will put up half the money for the Hoodwinked sequel, titled Hood Vs. Evil. The film is being produced by Kanbar Animation in the Philippines and will have a considerably bigger budget than its predecessor, which was made for less then $20 million.
Currently, The Weinstein Co. is preparing for the Feb. 24 release of its second animated movie, Doogal. The pic was released in Europe last year under the title Sprung: The Magic Roundabout. Fairly OddParents creator Butch Hartman was called in to tweak the film for U.S. audiences, adding voice work by Kenan Thompson, Jon Stewart, Jimmy Fallon, William H. Macy and Whoopie Goldberg. The company’s full slate of upcoming films also includes a sequel to last year’s live-action/CG hybrid, Sin City, directed by Robert Rodriguez and comic creator Frank Miller.
Portfolio Funding Company LLC, a subsidiary of The Weinstein Co., will be the borrower under the $500 facility and will hold distribution rights of the films that are part of the securitization. Paul, Weiss, Rifkind, Wharton & Garrison LLP and O’Melveny & Myers LLP advised the Weinsteins in the transaction.