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.
The film producer is launching Arena SNK Studios, a new independent studio tackling everything from blockbuster movies to live action and animated series to live events.
Arena SNK is 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; Japanese gaming company SNK, which is also owned by MiSK and known for series such as “Fatal Fury,” “King of Fighters” and “Metal Slug”; and MBC Group, a media and entertainment conglomerate that is also controlled by Saudi Arabia’s Public Investment Fund.
The board includes Feig, who serves as CEO; MBC Group’s Majid Al-Ibraham; Disney film chief Sean Bailey; Andreessen Horowitz general partner and leading AI investor Andrew Chen and Epic Games CCO Charlie Wen. Arena SNK will partner with leading global studios and streaming entities for the distribution of its content.
In addition to being Arena SNK’s CEO, Feig will become executive chairman of Picturestart, which will remain a standalone independent financing and production company. Picturestart has broken sales records at film festivals for three years in a row, producing 14 films and 4 series over the last six years.
In addition to Picturestart and Lionsgate Motion Picture Group, Feig was a key player in turning Summit Entertainment into a successful independent studio and its subsequent sale to Lionsgate.
He has produced, supervised, or originated the production of films including “Together,” “Theater Camp,” “Sharper,” “La La Land,” “The Hurt Locker,” and “Sicario,” as well as book adaptations including “Twilight,” “Midnight Sun,” “The Hunger Games: Catching Fire” and “The Hunger Games: Mockingjay” Parts 1 and 2, “Divergent,” “Wonder,” “Warm Bodies” and “The Perks of Being A Wall Flower.” Additionally, he launched multiple original film franchises including “John Wick,” “Now You See Me,” “Red” and “Step Up.”
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.
