London media firm bags $100m for new film and TV projects
The media firm behind hit shows such as Line of Duty today said it has secured $100m (£76m) of funding to help fund film and TV projects, while it will also look to build a new UK studio space.
Great Point Media (GPM) has already committed $80m of its own funds to the investment, and secured the additional cash boost from MC Credit Partners (MCCP).
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The London-based firm recently teamed up with entertainment giant Lionsgate to build a new studio complex worth more than $100m in Yonkers, New York.
It is now assessing plans for seven additional studio spaces in the UK, US and Europe.
“This commitment from MCCP is recognition of how far we have come and a welcome sign that larger institutions are seeing the investment opportunity within the TV and film sector,” said GPM chairman Robert Halmi.
“Our ambition is to continue to grow our successful model and look for larger projects that are being made for the studios, traditional broadcasters and new platforms who are all commissioning an increasing amount of original content.”
It comes amid booming demand for studio space in the UK, as growing competition between streaming firms such as Netflix and Amazon has helped fuel the need for new content.
Sky last week announced plans to build a 32-acre production hub in Elstree, north London, as it pumps more funds into original programming.
Netflix has also opened a UK production hub at Shepperton Studios, while Disney has inked a long-term deal to take over the majority of the space at Pinewood Studios in Buckinghamshire.
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Ashok Nayyar, chief investment officer at MCCP, said: “We find growing markets and back top management in the most attractive sectors in those markets.
“The global film and TV business is growing exponentially, with demand for quality content far outstripping supply.”
Main image credit: BBC