What? Isn’t it steeped enough in cash already? Yeah, I know, I was thinking the same thing initially. However, if you think about it, they do spend billions of dollars on big budget movies. This means that they need some sort of cash infusion before they can create more big budget films.
Well it seems that Hollywood has no problems in this regard. The news is that the oil rich country, United Arab Emirates, is continuing to infuse cash into the coffers of Hollywood. The LA Times reports:
Furthering the links between the United Arab Emirates and Hollywood, a venture controlled by the government of Abu Dhabi is launching a production company with a $1-billion-plus fund to make movies and digital content in partnership with three as-yet-unnamed Los Angeles producers and other international filmmakers.
Abu Dhabi Media Co., through a newly formed subsidiary called Imagenation Abu Dhabi, plans to make eight films a year over the next five years, primarily for the English-speaking market. Imagenation will announce the first of its production deals next week at the Toronto Film Festival. The U.S. companies plan to open offices in Abu Dhabi.
Imagenation will now also assume oversight of Abu Dhabi Media’s year-old entertainment partnership with Warner Bros., which has had little to show for itself since it was announced with fanfare last September.
The parties said at the time that they would each contribute to a $1-billion fund to produce films and video games.
That is a whole lot of money! Then again, I am sure we will all see the results in movies and video games. Keep the money coming in, guys!