Nigeria’s LaVida studios has inked a 3-year investment deal with Denstu’s The Story Lab U.S.
The deal valued at $50 million will see the studio collaborate on a 10-slate production centred on both scripted and unscripted film and TV projects, Variety reports.
LaVida studios will be responsible for all Africa-based productions for The Story Lab.
In addition, Denstu has also announced a joint initiative with African International Film Festival (AFRIFF) set to aid African writing talents in creating globally receptive original African stories.
“We are thrilled to be working together with Dentsu and its The Story Lab team in the U.S. to bring authentic and compelling African stories to the world,” Chioma Ude, AFRIFF founder and LaVida studios managing partner shared confirming the newly inked deal.
The Story Lab’s executive VP and head of scripted content Geneva Wasserman added: “The combination of LaVida’s partnerships with top Nigerian creators and Dentsu’s global network and presence will serve as a bridge between these top content creators and the global market through this collaboration. We are honored to bring these stories to the world.”
The $50 million fund is being accessed from PAC Capital’s PanAfrican CCI Fund 1, a $100 million fund which was set up to finance film production and distribution in Africa.