Film and TV investment fund APX Group, in addition to the newly formed British division Herd International Productions, has unveiled a major deal with the Portuguese Moviebox Group to create a joint venture subsidiary that it claims will have an overall budget of 1 billion euros ($1.018 billion) will have to invest in productions over seven years.
Held in an equal partnership between APX and Moviebox, the division will focus on content from Portugal and the Iberian Peninsula, with all projects to be completed as co-productions with the ability to also leverage the network of facilities under the banner of the APX Group across Europe, United States and UK The structure of the financing will be streamlined through the newly formed company and, due to the close business ties between the UK and Portugal, will be managed on a daily basis by Herd International Productions, founded by founders of Burning Wheel Productions and The Engine Room, the production companies behind the Danny Boyle-produced music biopic creation storieswhich merged into a subsidiary of APX at the end of June 2022.
The new venture will be managed by Julian Hicks of Moviebox and Herd’s Shelley Hammond, with extra close support from Herd Directors Ben Dillon, Iggy Ellis and Hollie Richmond.
The deal was announced a month after APX currently inaugurated its APXCOIN digital, which is used to provide the JV funding. An initial budget of 300 million euros ($305 million) has been allocated to the new entity through APX Currency for the exclusive use of film and TV projects over the next two years, with a further 700,000 million euros ($713 million) over the next five. year.
“We are absolutely thrilled to create this massive joint venture with APX and embark on this amazing journey,” said Hicks. “We all share a common drive to create both cinematic and episodic content that resonates with today’s world.”
Moviebox is currently developing facilities in the Algarve with their partners that will reportedly include more than 100,000 square meters of production space and flexible warehouses, production office space, set locations and support services for the film and TV industry.
“This €1 billion investment by both APX and Moviebox will attract major projects to Portugal and the Iberian Peninsula to take advantage of the current facilities and the facilities that are being expanded and developed, along with the wide range of locations that Algrave and Portugal offer. have to offer”, Hiks added.
“This deal is extremely exciting, not only for the parties involved, but also for the global manufacturing community,” said Hammond. “Julian’s team at Moviebox is creating something incredibly special that will be home to many groundbreaking productions for years to come. APX and Herd are extremely excited to be part of this journey.”