Erik Feig Jon Kopaloff/Getty Images for City Year Los Angeles Share on Facebook Share on X Share to Flipboard Send an Email Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Print the Article Post a Comment Erik Feig is launching an indie production banner, Arena SNK Studios, to expand the Hollywood producer's reach in movies, TV, gaming and live events. Feig's company says it has secured around $1 billion in financing backing for the new venture, which is led by backers in Saudi Arabia. That's part of a step investment deal with a major tranche received up front, followed by the remaining funds coming as milestones are hit. The financial stakes are coming from MBC Group, the Saudi-owned Middle East broadcasting giant and the largest media operation in the region, and SNK, the Japanese video game company now owned by MiSK Group, a foundation led by Saudi leader Mohammed bin Salman. Related Stories General News Nancy Kerrigan, Picturestart Partner for Ice Skating Audio Series 'Fire & Ice' with Meet Cute Movies 'Death's Assistant' Tops Script2Comic Contest The major Saudi stake in Arena SNK follows Saudi Arabia and its sovereign wealth fund quietly building a multibillion-dollar foothold in Hollywood and American sports in recent years as a gateway into the American market and a diversification from its oil-based riches. Besides developing and producing blockbuster films and event TV series across live-action and animation, Arena SNK will also produce experiential events internationally. The venture will have on its board of directors as chair 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 major global studios and streaming platforms for distribution of its content. Feig, a former co-president of Lionsgate's motion picture group, in 2019 launched Picturestart to create, co-finance and produce a entertainment content, will remain executive chairman of that standalone company. His movie credits include La La Land, The Hurt Locker, Sicario and the Twilight and Hunger Games franchises. THR Newsletters Sign up for THR news straight to your inbox every day Subscribe Sign Up VFX This Deep-Pocketed New Studio Aims to Bring GenAI Filmmaking and VFX to Legacy Media cinema united Cinema United Extends Michael O'Leary's Contract for Five More Years wasserman Shareef O'Neal, Son of Shaq, Signs With Wasserman Podcasts Red Seat Ventures Hires Rena Ayer as Senior VP of Content & Talent Partnerships social media Instagram Takes a Cue From the MPA: Teen Accounts Now Guided By PG-13 Rating SAG-AFTRA SAG-AFTRA Gets In the Verticals Game VFX This Deep-Pocketed New Studio Aims to Bring GenAI Filmmaking and VFX to Legacy Media cinema united Cinema United Extends Michael O'Leary's Contract for Five More Years wasserman Shareef O'Neal, Son of Shaq, Signs With Wasserman Podcasts Red Seat Ventures Hires Rena Ayer as Senior VP of Content & Talent Partnerships social media Instagram Takes a Cue From the MPA: Teen Accounts Now Guided By PG-13 Rating SAG-AFTRA SAG-AFTRA Gets In the Verticals Game