DQ Ent. Ltd., a leading animation, gaming and vfx company based in Hyderabad, South India, announced a joint venture with French production company Onyx Films to produce CG-animated feature films, according to THE HOLLYWOOD REPORTER.
Additionally, DQE announced it will take a 20% equity stake worth about $3.2 million in Paris-based TV production company Method Films.
In joint venture, DQE will hold 51% with the remainder held by Onyx. DQEs initial investment will be about $1.9 million. The deal will include three features SKYLAND, budgeted at $31.5 million, NIGHT OF THE CHILD KING ($30 million) and THE ENCHANTED BOY ($28 million). The first film is planned for 2008.
"This joint venture clearly endorses the fact that we are on a par with the best in the business in terms of quality and capabilities to execute larger multiple projects," said DQE ceo Tapaas Chakravarti.
Onyx Films ceo Aton Soumache added, [The joint venture] is a logical process in reinforcing our relationship and for our group to have unique access to one of the best animation studios in the world."
Onyx Films' credits include the upcoming feature RENAISSANCE, co-produced with Buena Vista Ent. and Pathe Europe, which won the Gold Crystal Award at the Annecy Film Festival.
As for the strategic stake by DQE in Method Films, Chakravarti said the move increases his companys access to global revenues and funds in addition to providing the company with a regular pipeline of production orders in animation, vfx and post-production.
DQE and Method Films worked on the 3D TV series THE GNOUFS and the 2D series JET GROOVES, while in-production projects include MIKIDO. Future projects include the 3D series IRONMAN, co-produced with Marvel Comics.
DQE saw revenues of $12 million last year, with 2007 estimates at $25 million.