Odyssey Media gets $20M in investor backing for new film slate

Copied from Media in Canada - Money

Sceptre Media, the parent company of Vancouver production indie Odyssey Media, said Thursday it has raised $20 million in new investor funding to support Odyssey’s upcoming 15-film slate.

“When we launched Sceptre Media and its subsidiary production company, Odyssey Media in 2010, we knew we signed up for the long haul and planned from the start to make a strong commitment to Canadian production that would impact the international entertainment industry,” said Sceptre Media president Peter Hogendoorn in a statement.

“This new $20 million fund immediately provides Odyssey Media with the solid financial resources required to propel the company up to the top tier of producers. It also allows Odyssey to confidently secure A-list cast and produce several multi-million dollar productions in 2013,” he added.

According to Odyssey, the films represent $53 million in production in 2013, with the films to shoot in locations including Australia, Hungary, Canada and the U.S.

Odyssey also said the $20 million fund is earmarked for development and packaging of new productions, including “pay-or-play” offers to secure cast, acquisitions of literary and screenplay rights and bridge financing.

The company said it will announce the first two features on its new slate at the Berlin Film Festival in February.

Former Insight Film Studios CEO Kirk Shaw joined the company in June 2012. Shaw is producing Uwe Boll’s Suddenly, which stars Ray Liotta and was recently shot in Vancouver.

Odyssey has offices in Vancouver and Brisbane, Australia.