Mathew Knowles, the father of Beyoncé and Solange, has signed a multi-part deal with International film and media fund APX Capital Group for the acquisition of his company Music World Entertainment Group.
The former manager of Destiny’s Child will manage the group’s new film and TV division taking on responsibility for a $275 million fund for co-productions across the U.S. and Italy, Vibe reports.
The platform added that The Mathew Knowles Story will be one of the first projects to come from this new deal. The project will highlight how the renowned veteran executive raised his two superstar daughters as well as how he managed Destiny’s Child.
A statement said that under the terms of the deal, Knowles will join APX’s Board immediately and will develop, finance and produce a steady stream of diverse, co-owned content – including feature films, scripted TV series and documentaries.
The statement further noted that APX will now own 10,000 hours of never-before-seen footage including photos, videos, and music showcasing the Knowles family’s history in the music industry.
“The decision to partner with APX Capital Group is well made and corresponds to Music World Entertainment Group’s intent to expand its film and television portfolio,” Knowles stated.
“Through this unique collaboration and as head of this new division under APX I’ll be able to share the story of my life by combining compelling storytelling with access to exceptional talent and music that will both entertain and emphasize a cultural awareness that’s necessary now more than ever. This is the story of my life, and I am honored to be able to transmit it even further through this alliance.”
Yona Wiesenthal, Joint Co-CEO of APX Capital Group, expressed joy to have Knowles join APX’s board, describing the move as groundbreaking.
“We are beyond thrilled to reach this groundbreaking agreement with Mathew and his team to develop impactful content told through the voice of one of the most successful and insightful entrepreneurs in entertainment today,” said Wiesenthal.