The award will finance and develop up to four projects for production and distribution within the Us and China each year.
Winners will each be offered a WGA-scale option fee of up to $13,374 against a purchase price of up to $133,739, depending on the final budget of each film. Each of the top 30 finallists will also be considered for first-look deals with Orb.
Orb is backed by private equity firm Falcon Investments and other financing partners including China Film Group and Zhong Ruan Investments.
“The big brass ring for sure is to make films that will be embraced by the world’s two largest markets with autonomy in both,” said Orb founder Peter Shiao. “Yet, for the amount of attention co-productions have gotten, so very little has been achieved.
“The reality is that it is a very hard thing to do. It