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Hollywood company sets up joint venture in Taiwan

2012/07/31 17:54:32

Taipei, July 31 (CNA) Los Angeles-based movie production firm FilmEngine Entertainment and its joint venture in Taiwan set up another holding company in the country Tuesday that it hopes will produce as many as 12 motion pictures over the next five years.

Established in 2001, the L.A.-based company expects the new company, FilmEngine Holdings, LLC., to raise US$50 million initially, half through equity and half through debt.

It then hopes to stretch that into a US$250 million film fund to finance the 12 films.

Hsu Po-yun, president of FilmEngine Orient, a Taiwanese joint venture FilmEngine established in February, said at a press briefing that the next venture "will drive Taiwan's film industry forward and promote it to the next level."

Anthony Rhulen, founder and CEO of FilmEngine, said he was excited about the new start-up and hoped it will successfully produce commercial films for audiences of all ages.

"We want to be able to create a relationship that allow Hollywood and Taiwan to work hand in hand to develop memorable projects together," Rhulen said.

The first motion picture is scheduled to be filmed at the beginning of 2013, according to the plan.

Films slated for production will include "Formosa, Koxinga," "Warriors" and "Blacklisted," but the company has not decided which will come first.

FilmEngine has produced films that include "The Butterfly Effect" and "The Rum Diary." It also completed one of the highest script sales in Hollywood history when it sold the rights to "Snow White and the Huntsman" to Universal Pictures for US$3.25 million in 2010.

(By James Lee)