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Crest US arm ties up with Lions Gate for 3 feature films
BY OUR BUSINESS CORRESPONDENT
25 August, 2005: Crest Animation's American subsidiary, RichCrest Animation (RCA) and Lions Gate Entertainment (LG) have announced a three-movie co-production and co-financing deal to produce three top quality, state-of-the-art animated feature films.
This will be Crest's maiden entry into the theatrical segment. Till date, only five studios in the world have so far produced CGI film for theatrical releases worldwide.
Under the agreement, the first movie will be SYLVESTER AND THE MAGIC PEBBLE, based on the Caldecott Medal-winning story by the creator of the blockbuster SHREK. Another untitled feature project is in development, and the third one will be identified soon.
Lions Gate will distribute the three animated pictures and their derivative works (sequels, video games, television serials, merchandising) worldwide, except in India (which are held with RCA). RCA and LG would be equally sharing the cost of production as well as the profits. It is proposed that the entire CGI production of the three features will be carried out by RCA along with its Indian holding company, Crest Animation Studios Ltd.
"This is a significant milestone for Crest and a pioneering feat for the Indian animation industry. This partnership with Lions Gate reflects confidence in Crest's ability to produce full-length feature films of world-class quality as well as
our recognition of Lions Gate as a content leader in the family space and a superior distributor of quality theatrical releases. With this agreement, Crest will emerge as one of the few production houses in the world that can produce CGI feature films," said Seemha Ramanna, Managing Director, Crest Animations Studios Ltd,.
"There is tremendous growth potential for quality, CGI feature films
in the family entertainment space. This agreement with a world-class
partner is typical of the efficient financing for which we're known
and allows us to develop, produce and distribute feature films of
superior animation production quality within Lions Gate's financial
model," said Lions Gate Family Entertainment Executive Vice President
Ken Katsumoto.
RichCrest Animation based in US is a subsidiary of Crest Animation Studios Limited. The key team of RichCrest Animation has been involved in several animation movie productions, including "Black Cauldron" for Disney, "King & I" for Warner and "The Swan Princess" with its sequels for Columbia (Sony).
In addition to "Arthur's Missing Pal," RichCrest recently completed production on five direct-to-video productions for Nest Entertainment and is currently in CGI production on American Greetings' "The Get Along Gang." RichCrest is committed to theatrical releases and is in development on two other CGI features.
Lions Gate is the premier independent producer and distributor of motion picture, television, home entertainment, family entertainment and video-on-demand content. Its prestigious and prolific library is a valuable source of reliable and recurring revenue and is a foundation for the continued growth of the Company's core businesses.
The Lions Gate brand name is synonymous with original, daring, quality product in markets around the globe.
BY OUR BUSINESS CORRESPONDENT
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