Lakeshore Entertainment has received a new round of funding from Vine Alternative Investments Group that will be used to co-finance 12 upcoming films, Lakeshore said Tuesday.
Lakeshore is an independent production, financing and international sales company. The new deal with Vine, which has been a Lakeshore investor for years, was sealed by chief operating officer Eric Reid and chief financial officer Marc Reid and comes as the company is expanding its movie production slate.
Lakeshore will continue to finance production and distribution, including U.S. P&A on its motion pictures, under its credit facility led by JPMorgan Chase Bank. The Vine deal covers 50 percent of Lakeshore’s investment in their slate and half of its P&A commitment on each film. The production budget on the movies ranges from $10 million to $60 million.
“Vine is a highly respected financial institution and they’re also one of the most creative financial partners in the business,” said Tom Rosenberg, Lakeshore’s chief executive officer. “We look forward to producing a slate of premiere motion pictures with experienced partners who continue to innovate in the film finance space.”
Lakeshore’s development slate includes both high-concept commercial films as well as those with awards ambitions.
It’s upcoming movies include the Philip Roth adaptation “Amerian Pastoral,” directed by and starring Ewan McGregor alongside Jennifer Connelly and Dakota Fanning, which starts shooting in September. It’s also working on the fifth installment of the “Underworld” action horror franchise, and is in production with STX Entertainment on “The Boy.”
Lakeshore films set for release include “The Age of Adaline,” starring Blake Lively, Harrison Ford, and Michiel Huisman, on April 24; and “The Vatican Tapes,” starring Michael Pena and Djimon Hounsou, on May 22.
The company recently named Laura Austin-Little head of international sales and acquisitions, who joins sr. vice-president of international sales Jason Buckley.