Abu Dhabi Media Co. to Sink $1B Into Films, Digital Content

Authored by Mark Hefflinger on September 3, 2008 - 8:36am.

Abu Dhabi, United Arab Emirates - The Abu Dhabi Media Company, a Middle Eastern media conglomerate formed in 2007 that has interest across publishing, TV, radio and digital media, announced on Wednesday that it will sink more than $1 billion over the next five years into the creation of full-length feature films and digital content. The Imagenation joint venture will partner with U.S.-based and other international producers to finance and produce content for both the global and Arabic-language markets, and expects an initial slate of eight films each year.

"Abu Dhabi has established itself as a major player in the global economy, as evidenced through recent activity in the energy, real estate and transportation sectors. Media is no different and Abu Dhabi Media Company is fulfilling its ambition to become a global player in the media industry," said Mohamed Khalaf Al-Mazrouei, chairman of both Imagenation and Abu Dhabi Media Company.

"Our investment strategy is modelled on film financing vehicles used successfully in Los Angeles, New York and London," added Imagenation CFO Stefan Brunner.

"We believe our financial and operational structure is disciplined, sophisticated and modern and should deliver superior returns at both financial and creative levels."

The company last year announced a $1 billion-plus deal with Warner Bros. and a developer, to build a theme park and hotel complex, and finance film and video game productions.

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