Matthew Knowles, the father of Beyoncé and Solange, has agreed to sell his company Music World Entertainment Group to the international film and media fund APX Capital Group in a multi-part agreement.
According to Vibe, the group’s new film and TV section will be led by the former manager of Destiny’s Child, who will be in charge of a $275 million fund for co-productions in the United States and Italy.
The Mathew Knowles Story will be one of the first initiatives to emerge from this new partnership, according to the platform. The documentary will focus on how the legendary senior executive raised his two supermodel daughters and oversaw Destiny’s Child.
Knowles will join APX’s Board of Directors immediately and will develop, fund, and produce a consistent stream of varied, co-owned content, including feature films, scripted TV series, and documentaries, according to a release.
APX will now hold 10,000 hours of never-before-seen footage, including images, movies, and music, documenting the Knowles family’s legacy in the music industry, according to the announcement.
“The decision to collaborate with APX Capital Group was well thought through, and it aligns with Music World Entertainment Group’s desire to develop its film and television portfolio,” Knowles said.
“Through this unusual relationship and as the president of this new branch under APX, I’ll be able to tell the story of my life by combining captivating storytelling with access to amazing talent and music that will both entertain and underline a cultural awareness that is more important than ever.” This is my life’s tale, and I’m thrilled to be able to share it with others through this collaboration.”
Yona Wiesenthal, Joint Co-CEO of APX Capital Group, expressed delight at Knowles’ addition to the company’s board of directors, calling it “groundbreaking.”
“We are ecstatic to have reached this ground-breaking deal with Mathew and his team to create powerful content presented through the voice of one of today’s most successful and intelligent entrepreneurs,” Wiesenthal said.