Entertainment | Film & Cinema
In the cut
The Middle East International Film Festival is already proving to be a base for major movie deals.
- By Maey El Shoush, Staff Reporter
- Published: 22:48 October 14, 2007
- Mark Damon.
- Image Credit: Supplied photo
UAE-based Hollywood Studios International (HSI) is solidifying its presence in the region by developing its business model and partnering with an internationally acclaimed Hollywood personality.
Deal
The entertainment holding company's CEO, Steven Saxton, along with legendary film producer Mark Damon, jointly announced that they have signed a Letter of Intent for HSI to acquire Damon's production and distribution company, Foresight Unlimited.
The announcement was made while both attended the Middle East International Film Festival, in Abu Dhabi, where Damon is speaking as a moderator for a panel discussion on international co-productions and film financing.
Upon completion of the acquisition, Damon and Saxton will serve as co-chairmen of the Hollywood Studios International's Board of Directors.
Damon, a Golden Globe winner, has been working in the entertainment industry for at least 50 years and starred in more than 50 feature films. He also played an integral part in the financing 300 movies or more, and produced such movies as Oscar-winning Monster, The Lost Boys, The Jungle Book and many more.
Innovation
"Mark has consistently been on the cutting edge of innovation in the field of international distribution and film financing. When anticipating an acquisition in this sector, we felt that his experience and insight would be priceless as we navigate the significant shifts in the market over the coming years," said Saxton.
HSI's holdings are very diverse. The partnership aims to create a formidable leader in independent packaging and financing of feature films, a number of which will be produced throughout the region.
The strong slate of productions that Foresight has will benefit from the financial strength and talent relations that HSI brings to the table, commented Damon at the announcement.
Hollywood Studios International first made headlines in the Gulf Region when the Company announced its plans for an IPO (Initial Public Opening) on the Dubai International Financial Exchange, the emirates' second stock exchange.
Now, with the acquisition of Foresight Unlimited, HSI plans to domicile the international distribution division in either Abu Dhabi or Dubai.
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