MUMBAI: DQ Entertainment (DQE), a leading animation, gaming, live action, entertainment production and distribution group, has announced the reorganisation of its French sister company Method Animation, in which it holds a 20 per cent equity stake. Method Animation has collaborated with Onyx Films and Chapter 2 to create 'On Entertainment Group' which will be the holding company for the three French subsidiary companies.
With the combined portfolio that includes a huge library of titles and group revenues, the enlarged French group automatically climbs the pedestal to become one of the leading animation and film production companies in Europe. The new On Entertainment group has revenue of €34 million and an operating profit of €5.2 million. DQ Entertainment pictures will continue to hold a 20 per cent stake in Method Animation.
On Entertainment is aiming to grow rapidly over the next five years for which it has even raised its investment. It will provide increased liquidity to the group and fund future productions through a fundraising of €10 million from Ohana Capital, a Canadian corporate investment fund, Gallic entrepreneur Laurent Dassault's holding company LDRP, and AB Group, one of France's biggest rights-brokers and the owner of 14 pay-TV channels. AB will provide minimum guarantees in future shows/TV Series, while Ohana Capital has expertise in licensing and merchandising.
"The group intends to create two films per year with significant budgets that are intended for worldwide distribution," said Chapter 2 CEO Dimitri Rassam. Method Animation CEO Aton Soumache said, "We are working on creating a catalogue of characters that can be monetised in various markets."
DQ Entertainment CEO Tapaas Charkravarti, commented: "We look forward to partnering with On entertainment on new productions, combining the unique strengths and resources that the two groups represent."
On Entertainment's projects for 2014 and 2015 include the feature film Paradise Lost based on the life of Pablo Escobar with Benicia DelToro and Josh Hutcherson starring in the €20 million budget film; Le Petit Prince, an animated feature film at a budget of €57 million euros has already been closed. It is directed by Mark Osborne and slated for a Global release in second half of 2015.
DQ Entertainment and Method Animation have together undertaken several productions such as Le Petit Prince, Peter Pan, Prodigies, Charlie Chaplin, Le Petit Nicolas, Iron Man (a flagship series of Marvel characters) and several others at a combined production budget of about €90 million. At the same time, Robin Hood Season-1, Second season of The New Adventures of Peter Pan, English-language live action/animation hybrid TV Series of The Seven Dwarfs and Me, and several other famous brands are in the development.
