Film and TV investment fund APX Group, along with its newly formed UK division Herd International Productions, have announced a major agreement with Portugal’s Moviebox Group to create a joint venture subsidiary that they claim to have an overall budget of 1 billion euros ($1.018 billion). invested in products for more than seven years.
Organized in equal partnership between APX and Moviebox, the division will focus on content from Portugal and the Iberian Peninsula, with all projects to be completed as co-productions with also utilizes the network of premises under the APX Group banner across Europe, the United States and the United Kingdom. the founders of Burning Wheel Productions and The Engine Room, the production companies behind the musical biopic produced by Danny Boyle Creative storymerged into a subsidiary of APX at the end of June 2022.
The new venture will be managed by Moviebox’s Julian Hicks and Herd’s Shelley Hammond, with additional close support from Herd executives Ben Dillon, Iggy Ellis and Hollie Richmond.
The deal was announced a month after APX launched the digital APXCOIN that is currently being used to finance the venture. An initial budget of 300 million euros ($305 million) was allocated to the new legal entity through APX Currency for the sole use of film and television projects over the next two years, with 700,000 million euros (713) million USD) to be completed five years later.
“We are absolutely delighted to create this great joint venture with APX and embark on this tremendous journey,” said Hicks. “We all have the same drive to create both movie and episodic content that resonates with today’s world.”
Moviebox, together with their partners, is currently developing facilities in the Algarve, which are said to include more than 100,000 square feet of production space and flexible warehouses, production office space, location and support services for the film and television industry.
“This €1 billion investment by both APX and Moviebox will attract major projects to Portugal and the Iberian Peninsula to utilize existing facilities and those that are being expanded and developed, along with a range of locations that the Algrave and Portugal have to offer,” added Hicks.
“This agreement is extremely exciting for not only the parties involved – but also for the global manufacturing community,” said Hammond. “Julian’s team at Moviebox is creating something very special that will deliver many groundbreaking works in the years to come. APX and Herd couldn’t help but be thrilled to be on this journey. “