ABU DHABI (Reuters) - State-owned Abu Dhabi Media Co (ADMC) said on Saturday it has tied up with National Geographic to produce up to 15 films focusing on human being's relationship with the world and environment.
The two companies will jointly invest $100 million over the next five years and the budget for each film would range from $5 million to $60 million, said Edward Borgerding, chief executive of Imagenation, a wholly-owned subsidiary of ADMC.
"We are committing $100 million for 10 to 15 films over five years and we see exciting commercial prospects," Borgerding told a news conference.
Last month, Imagenation said it partnered with Los Angeles-based Participant Media to finance films and spend up to $250 million through a fund.
The company is still committed to spending up to $1 billion over the coming five years, despite the current financial turmoil, Borgerding said.
National Geographic Films Chairman Jake Eberts said the company has not seen any difficulties in securing financing for films.
This is National Geographic's first partnership in the region for feature films although it has tie-ups in television and print, Eberts said.
The first film project will be launched in the first quarter of 2009 after National Geographic's Abu Dhabi office is set up.
(Reporting by Stanley Carvalho, editing by Ola Galal)
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