Element Pictures signs deal to give Hollywood studio first look at output
Irish film and television production company Element Pictures has entered into a 'first look' agreement with the Hollywood studio Fox Searchlight.
Under the deal, which involves a financial consideration, Fox Searchlight will be the first studio given the opportunity to finance and distribute projects from Element.
Fox Searchlight is behind critical and box office successes such as Three Billboards Outside Ebbing, Missouri and 12 Years a Slave.
Element co-produced Room, for which actress Brie Larson won an Oscar, and The Lobster, starring Colin Farrell.
Fox Searchlight is a co-funder of Element's latest film The Favourite, which recently won two major prizes at the Venice Film Festival.
Element co-founder Ed Guiney told the Sunday Independent: "We hope it will give lots of opportunities to the company and film-makers we deal with. They are interested in a lot of the people we work with."
Fellow co-founder Andrew Lowe spoke about the TV and movie scene in Ireland, including issues with tax incentive Section 481. "The system, the way it has evolved - not the way it was designed - is not working," he said.
However, he said it could be fixed and that would be important for indigenous programme makers.
Sunday Indo Business