Erik Feig, the former Lionsgate co-president and current CEO of Picturestart, is embarking on a new business venture with the help of Saudi Arabia and Japan.
According to a new report from Puck, the film producer is set to launch a new independent studio, called Arena SNK Studios — tackling everything from movies to television to live events.
Per the outlet, Feig’s new studio has been backed to the tune of $1 billion by MiSK Group — a fund that is control by Mohammed bin Salman, the Crown Prince of Saudi Arabia — SNK, a Japanese gaming company (which is also owned by MiSK) and MBC Group, a media and entertainment conglomerate that is also controlled by Saudi Arabia’s Public Investment Fund.
An individual with knowledge of the deal confirmed the news to TheWrap.
While the Saudis have invested in entertainment enterprises before — including Live Nation, LIV Golf, Activision Blizzard, etc. — Arena SNK Studios will reportedly be their biggest investment in a conventional entertainment studio to-date.
The timing for this announcement comes on the heels of another Saudi-Hollywood collaboration, which seemed to divide the entertainment industry. We’re, of course, referring to the Riyadh Comedy Festival, which saw the likes of Aziz Ansari, Bill Burr, Louis C.K., Pete Davidson, Jimmy Carr, Jessica Kirson and Whitney Cummings perform in the capital of Saudi Arabia — despite the country being known for censorship.
David Cross was one of the event’s most outspoken critics, noting he was “disgusted, and deeply disappointed in this whole gross thing.”
Ansari, Burr, C.K. and Cummings have all doubled down on their decision to participate, arguing it was better to engage with the people of Riyadh rather than isolate them.
