Erik Feig is launching an independent production banner, Arena SNK Studios, to expand the Hollywood producer’s reach in film, television, gaming and live events.
Feig’s company says it has secured about $1 billion in funding for the new venture, led by backers in Saudi Arabia. This is part of a staged investment agreement with a significant tranche received upfront, followed by remaining funds as stages are completed.
The financial stakes come from MBC Group, the Saudi broadcasting giant in the Middle East and the region’s largest media company, and SNK, the Japanese video game company now owned by the MiSK Group, a foundation headed by Saudi leader Mohammed bin Salman.
The major Saudi stake in Arena SNK follows Saudi Arabia and its sovereign wealth fund quietly building a multibillion-dollar presence in Hollywood and American sports over the past few years, as a gateway to the American market and diversification of its oil wealth.
In addition to developing and producing blockbuster films and live-action and animated event television series, Arena SNK will also produce experiential events internationally. The company will have on its board as chairman Majid Al-Ibrahim, who also sits on the MBC Group board, Feig, former Disney film chief Sean Bailey, Andreessen Horowitz general partner and AI investor Andrew Chen, and Epic Games CCO Charlie Wen.
Arena SNK aims to partner with the world’s leading studios and streaming platforms for the distribution of its content. Feig, former co-president of Lionsgate’s motion picture group, launched Picturestart in 2019 to create, co-finance and produce entertainment content, and will remain executive chairman of the standalone company.
His film credits include La La Land, The Injury Locker, Sicario and the Dusk And hunger games franchise.
