Entertainment One Ltd Launch of new global venture with Brad Weston (4605F)

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RNS Number : 4605F

Entertainment One Ltd

17 May 2017

   Date:                           17 May 2017 
   On behalf of:               Entertainment One Ltd. ('the Company') 

Entertainment One Ltd.

Launch of MAKEREADY, a new global venture with Brad Weston

Entertainment One to enter into a new global venture with Brad Weston, establishing MAKEREADY, a new global content creation company

Entertainment One Ltd. today announces that it has entered into an agreement with industry veteran Brad Weston to launch MAKEREADY, a new global content creation company. MAKEREADY will develop and produce original feature films and high-end television for premium cable, OTT and emerging platforms on a worldwide basis. eOne will distribute new content created by the venture.

The partnership unites one of the world's most outstanding and creative senior media executives with eOne's extensive international distribution network to create a new independent studio that will develop and produce original content for global distribution on all platforms. Under the terms of the agreement, eOne is funding MAKEREADY's launch, including new content that the partnership greenlights. eOne will have distribution of MAKEREADY films in its territories and MAKEREADY television worldwide, providing eOne with a pipeline of premium content created by and starring top tier talent. The investment falls materially below the Class two threshold. The agreements with Brad Weston contain certain customary puts and calls and other exit events, including an opportunity for Entertainment One to acquire up to 100% of MAKEREADY, upon certain events, for consideration to be determined in the future.

Brad Weston has presided over both major and independent studios, during his over 30 years in the entertainment business. He most recently served as president and chief executive officer of New Regency, where in just five years, he led the company to a remarkable 34 Academy Award(R) nominations and 12 wins, including two Best Picture Oscars, for films including "The Revenant," "Birdman," "Gone Girl," "12 Years a Slave" and "The Big Short." Prior to joining New Regency, Weston served as president of production for Paramount Pictures where he was responsible for films including "Star Trek," "Cloverfield," "The Fighter," "Shutter Island," "GI Joe," and "Rango." As a part of the new venture agreement, Brad Weston has entered into a new long term employment agreement. Pam Abdy, former president of production for New Regency, will head MAKEREADY's executive team, alongside the company's soon-to-be announced television and digital executives.

Darren Throop, CEO, commented:

"We are thrilled to support Brad on the launch of his new company. We have always been impressed by his incredible track record of delivering compelling content that is as commercially successful as it is award-worthy, and we are excited to be able to deliver that content to audiences around the world."

 
Enquiries: 
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Notes to Editors:

Evolution Media, a merchant bank focused on the media and sports industries, orchestrated the deal. Brad Weston is represented by Latham & Watkins LLP and eOne by Mayer Brown LLP and in-house counsel.

About Entertainment One

Entertainment One Ltd. (LSE:ETO) is a global independent studio that specialises in the development, acquisition, production, financing, distribution and sales of entertainment content. The Company's diversified expertise spans across film, television and music production and sales, family programming, merchandising and licensing, and digital content. Through its global reach and expansive scale, powered by deep local market knowledge, the Company delivers the best content to the world.

Entertainment One's robust network includes film and television studio The Mark Gordon Company; content creation venture Amblin Partners with Steven Spielberg, DreamWorks Studios, Participant Media, and Reliance Entertainment; leading feature film production and global sales company Sierra Pictures; unscripted television production company Renegade 83; world-class music labels Dualtone Music Group and Last Gang; and award-winning digital agency Secret Location.

The Company's rights library, valued at US$1.5 billion (as at 31 March 2016), is exploited across all media formats and includes more than 100,000 hours of film and television content and approximately 40,000 music tracks.

www.entertainmentone.com

This information is provided by RNS

The company news service from the London Stock Exchange

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May 17, 2017 11:03 ET (15:03 GMT)