Giant screen firm IMAX is planning to co-finance 10 large-format, educational documentaries through a newly established IMAX Original Film Fund worth up to US$50 million.
The fund – which will be overseen by Patrician Capital Management - is intended to finance an ongoing supply of original, IMAX-exclusive docs that “push the envelope of traditional documentary filmmaking for a new generation of moviegoers,” according to a statement from the company. The fund will be capitalized at up to $50 million.
Insurance group The Knights of Columbus invested an initial $25 million into the fund, with the possibility of further investments in the future. For its part, IMAX plans to contribute $9 million over five years, and also promises to reinvest portions of box office proceeds into the fund.
“The IMAX Original Film Fund is the natural evolution of our legacy of groundbreaking documentary filmmaking, re-imagined with today’s students, educators and audiences in mind,” said Greg Foster, senior EVP of IMAX Corporation and CEO of IMAX Entertainment, in a statement.
“We will fund projects that showcase new approaches, techniques and innovations in documentary filmmaking, and that will redefine what is possible for the genre while staying true to our mission of producing films that inspire and educate audiences about the wonders of our universe and act as a catalyst for change.”