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Medient Studios, Inc. (MDNT) Inks Partnership Deal With Prime Focus For Georgia Studio Project

|Includes: Medient Studios, Inc. (MDNT)

Medient Studios, a global film production and distribution company with a particular focus on North America and India, has entered into an initial non-binding Memorandum of Understanding with Prime Focus Limited under the two companies will execute a joint-venture agreement for the provision of various assets and services by Prime Focus to Medient.

Per the agreement, Prime Focus, a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market, will contribute production and post-production equipment, work flow technologies, and skill transfer for Medient's megastudio project.

Manu Kumaran, chairman and CEO of Medient estimates the deal to be worth more than $40 million and includes cameras, lighting gear, offline and online editing, complete film and video transfer services, 3D animation, on-set supervision, and more.

This provision is in line with the initial $90 million Medient plans to invest in the 1,500 acre site in Effingham, Georgia, where Medient will develop movie studios, an entertainment facility, and campus.

"This is the next level of firming up a very special relationship that has spanned the lifetime of Medient. Prime Focus has been a great partner of Medient and we are happy and proud that the relationship is progressing further," Kumaran stated in the press release.

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