Movies

Crest readies investors for 2nd film; Alpha and Omega grosses $50 mn at BO

MUMBAI: Mumbai-based Crest Animation Studios has roped in overseas investors for its second feature film while Lionsgate stays as a marketing and distribution partner without any equity stake.


Crest will hold 30 per cent in the special purpose vehicle (SPV) created for Norm of the North, a higher component than its first movie venture where it had 17.5 per cent equity.


"Crest will have 30 per cent stake in the SPV created for the second film. The other equity partners for Norm of the North are DE Shaw and a clutch of overseas investors. Lionsgate, which had 50 per cent stake in the SPV created for our first movie venture Alpha and Omega, will not hold any equity in our second film," Crest Animation Studios chief financial officer Vijay Paranjape tells Indiantelevision.com, while declining to disclose the exact holding of the other investors in Norm of the North. 


Norm of the North, made on a budget of around $25 million, is under production.
Meanwhile, Alpha and Omega has mopped up $10.80 million from its DVD sales in North America.


The 3D stereoscopic film, released globally on 17 September, has grossed over $50 million at the box office, says Paranjape.


Alpha and Omega, made on a production budget of $25 million, is yet to release in a few territories such as Germany, Spain, Italy, Australia, Japan and Latin America.In India, the movie got a lukewarm response.


The first computer-generated full-length animation film is a story about two mismatched wolves and has voices of artistes like Justin Long, Hayden Panetierre, Christina Ricci, Danny Glover, Dennis Hopper and Larry Miller.
Alpha and Omega is India‘s first animated film to be nominated at the Oscars in the animation category.


Shares of Crest closed Thursday at Rs 75.80 on the BSE, 2.71 per cent higher than its previous close.
 

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