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Our Bureau

Mumbai , Aug. 25

CREST Animation Studio's US-based subsidiary, RichCrest Animation, and Lions Gate Entertainment have announced a co-production and co-financing arrangement to produce three animated feature films.

With this deal Crest moves forward into the theatrical segment. Crest, which made a foray into computer generating imaging, has been moving up the value chain in 3D animation.

The first film under the new agreement will be Sylvester and the Magic Pebble based on the story by the creator of the blockbuster Shrek.

The second and the third project will be identified in the near future.

As per the agreement Lions Gate will distribute the three films and their derivative works - video games, television serials, merchandising - worldwide, except in India.

Typically, an animated feature film would cost $55-90 million to produce in the US. Crest will be able to offer at 35 per cent of the US cost, Mr A.K. Madhavan, CEO, Crest Animation Studios, said.

As Crest is expected to co-finance these films, it will explore the option of raising funds both through the equity as well as the debt route.

However, there will be no dilution of equity in India.

This, according to the company, is a significant milestone for Crest and a pioneering feat for the Indian animation industry.

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