Film and TV investment fund APX Group, alongside its newly formed U.K. division Herd International Productions, has unveiled a major deal with Portugal’s Moviebox Group to create a joint-venture subsidiary it claims will have an overall budget of 1 billion euros ($1.018 billion) to invest in productions over seven years.
Held 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 the ability to also utilize the network of facilities held under the APX Group banner across Europe, United States and the U.K. The structure of the financing will be streamlined through the newly-formed company and, due to the close business ties between the U.K. and Portugal, will be managed day-to-day by Herd International Productions, set up by founders of Burning Wheel Productions and The Engine Room, the production companies behind the Danny Boyle-produced music biopic Creation Stories, that merged into a subsidiary of APX in late June 2022.
The new venture shall be managed by Julian Hicks of Moviebox and Herd’s Shelley Hammond, with additional close support from Herd execs Ben Dillon, Iggy Ellis and Hollie Richmond.
The deal was announced a month after APX inaugurated its APXCOIN digital currently, which is being used to provide the JV’s financing. A starting budget of Euros 300 million ($305 million) has been allocated to the new entity through APX Currency for the sole use of film and TV projects over the next two years, with a further 700,000 million euros ($713 million) set to arrive over the following five years.
“We are absolutely delighted to be creating this massive JV with APX and embark on this tremendous journey,” said Hicks. “We all share a common drive to create both film and episodic content which resonates with the world today.”
Moviebox, with their partners, are currently developing facilities in the Algarve which are reportedly set to include over 100,000 square feet of production space and flexible warehouses, production office space, set locations and supporting services for the film and TV industry.
“This 1 billion euros investment by both APX and Moviebox shall attract major projects to Portugal and the Iberian Peninsula to use the current facilities and the ones being expanded and developed, along with the wide range of locations the Algrave and Portugal have to offer,” Hicks added.
“This deal is hugely exciting for not only the parties involved – but also for the global production community,” said Hammond. “Julian’s team at Moviebox are creating something incredibly special which will give home to many groundbreaking productions over the coming years. APX and Herd are beyond thrilled to be part of this journey.”