The leading international entertainment production company Endemol has agreed to invest an undisclosed amount in exchange for a 51% controlling stake in Russian scripted production company WeiT Media. The company could have invested up to $30 million, reported Vedomosti. According to the agreement, WeiT Media will become producer of Endemol’s scripted and entertainment formats in Russia, Belarus, Ukraine and Kazakhstan.
Launched in August 2009, WeiT Media currently produces sitcoms, soap operas and documentary series, and a sketch show for major Russian broadcasters, as well as two feature films and one full-length animated movie. Its 2010 revenues are estimated at $40 million. WeiT Media was founded by Russian producer Timur Weinstein. He sees the deal as strategic partnership that combines Endemol’s global scale, expertise and resources with WeiT Media experience in the Russian market.
In 2000, Timur Weinstein founded leading Russian production company Lean M where he was General Producer. In 2006, Sony acquired a controlling stake in Lean M.