Texas film producer Judd Payne always wanted his home state to be a prime filming location for new movies and television shows.
But for many years, he didn’t see filmmakers turn their heads toward Texas because of the competition on the West Coast and from incentives offered by other states.
However, in recent years, Texas has become a prime location for filmmakers in response to a coordinated push from state writers and actors, such as Matthew McConaughey and Fort Worth’s Taylor Sheridan.
Now with the state’s recent $1.5 billion investment for film and television, Payne is ready to support projects pouring in through a new “Texas centric” production company, he said.
Payne teamed up with Fort Worth hedge fund manager Mark Hart III to launch 98th Meridian Productions, a company focused on financing “authentic Texas stories” that attract talent to the state.
The duo’s 98th Meridian will consider funding projects that shoot at least 60% in Texas or those that establish a permanent base in the state, according to the company’s criteria. The company plans to leverage grants through the Texas Moving Image Industry Incentive Program, which lawmakers bolstered this year to attract the film industry through Senate Bill 22.
The goal of the 98th Meridian is to create jobs in Fort Worth and across the state, Hart said.
“Texas has always been this permanent frontier where progress is made and all this growth happens,” he said.
Waiting for tides to turn
Payne is a Paris, Texas, native who has been a producer for over 20 years. His films include “Mile 22” and “Passengers,” but he may be best known for co-producing the black comedy thriller “Bernie,” which starred Jack Black and was based on the 1996 murder of a Texas millionaire in Carthage.
While working on “Bernie” in 2011, he had crews scout several small East Texas towns to serve as onscreen locations.
These towns kept the movie grounded in its origin story, Payne said, but filmmakers struggled to secure adequate grant funds through the incentive program.
The state offered about $25 million in film incentives that year, including more than $600,000 to “Bernie” — nearly 6% of the film’s $10.1 million budget, according to the Austin American-Statesman.
Payne said he spoke with lawmakers then about increasing the amount allocated to attract films, but that discussion was unsuccessful.
He then connected with Hart, a close friend of nearly 30 years, about launching a production company, but ultimately the duo determined it wasn’t the right time.
Hart is the founder and chief investment officer of Corriente Advisors, which invests in public equity and global currencies. His father Mark L. Hart Jr. was a co-founder of one of Fort Worth’s major law firms, Kelly Hart & Hallman.
The Fort Worth investor said he has spent years investing in the entertainment industry, notably funding independent films such as “12 Mighty Orphans” and “The Mirror.” Hart always wanted to invest in Texas’ film sector, but said there hasn’t always been enough legislative or economic support to grow the industry, he said.
“When Judd came to me in 2012, I was really excited, but the timing wasn’t right,” he said. “It didn’t make economic sense to film in Texas given the incentives you had in other states.”
Payne spent several years after that working in Los Angeles and New York. Still, he always kept his eyes on Texas, hoping one day lawmakers would be all in on film.
Finally, they were.
The package passed by lawmakers this year was the largest in the incentive program’s 18-year history, guaranteeing $300 million in state dollars to the program every two years over the next decade.
Previously, the program’s budget varied every two years when legislators approved spending.
The new investment now allows grants to filmmakers that could cover up to 31% in financial assistance.
Locally, the industry is growing significantly with the mayor calling filmmaking the city’s “next great industry.” Sheridan, for example, is building a Fort Worth campus that will be home to the largest production studio in the state.
Tarrant County College, the Fort Worth Film Commission and 101 Studios also teamed up this year to launch a certificate program to train the next generation of film crews. The industry has generated over 30,000 local jobs, according to the Fort Worth Economic Development Partnership.
This growth has been what Payne spent nearly 15 years waiting for, he said. He got in touch with Hart again, and the duo laid the groundwork for their venture.
“The stars finally aligned,” Payne said.
Projects on the horizon
Even though 98th Meridian is still in its infancy, the founders are “up and running” inside Hart’s office space near West 7th. The founders are reading through scripts and meeting with directors in hopes of getting projects off the ground soon, Payne said.
“Fort Worth is the perfect epicenter for what Mark and I are doing,” he said.
One project is in negotiations now and could begin filming in Fort Worth as early as next year, Payne said. He declined to share details.
Meanwhile, 98th Meridian isn’t limited to a certain genre and welcomes any projects that meet its criteria, he said.
“We’re keeping it all open,” Payne said. “Focusing on our audience is going to be key.”
David Moreno is the arts and culture reporter for the Fort Worth Report. Contact him at david.moreno@fortworthreport.org or @davidmreports.
Disclosure: Marianne Auld, a member of the Fort Worth Report board of directors, is the managing partner of Kelly Hart & Hallman. Kelly Hart has also been a financial supporter of the Report. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
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Great Job David Moreno & the Team @ Fort Worth Report for sharing this story.
