The media company is planning to launch a subsidiary that will spend roughly $1 billion in the next five years to make a slate of movies in partnership with three American producers, according to the New York Times (NYT:13.63,+0.51, +3.9%) .
The new operation, Imagenation Abu Dhabi, will oversee Abu Dhabi Media's portion of the partnership with Time Warner's Warner Bros. studio (TWX:16.31,-0.39, -2.3%) .
This is a very perplexing deal all the way around. And at first blush, it raises more questions that it answers.
He is true that the deal is kind of a strange foray for an oil rich nation but depending on their slate of movies they may make a killing on the deal. If they get behind some Judd Apatow, Tyler Perry or comic book movies then they will make their money back pretty quick.
However if they try to bankroll some anti-Iraq war movies like "In the Valley of Elah" they will lose that money pretty quick. I think a few movies set in the UAE or Abu Dhabi might do well if they aren't anti-Israel or something. I mean that is a pretty exotic part of the world so a spy thriller or an action movie might do well there. I can see Jason Bourne or James Bond jumping off of that sail shaped hotel while fighting terrorists.
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