LaVida Studios secures $50 million investment deal with Story Lab U.S
Dentsu’s The Story Lab U.S. has signed a three-year investment agreement with Nigeria’s LaVida studios.
According to Variety, the $50 million deal will have LaVida Studios focus on a 10-slate production, both scripted and unscripted film, and television projects.
All productions for The Story Lab that take place in Africa will be handled by LaVida Studios.
Additionally, Denstu has disclosed a joint initiative with the African International Film Festival (AFRIFF) designed to support African writers in producing original African stories that are popular throughout the world.
“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 $100 million PanAfrican CCI Fund 1 of PAC Capital, which was established to finance film production and distribution in Africa, is being used to access the $50 million fund.