Vice Media and 20th Century Fox have announced a partnership to finance, produce, market and distribute feature films globally.

The joint-venture film label, called Vice Films, will work on films from emerging directors around the world.

“This innovative partnership will bring together the creative breadth and global reach of Vice with the premier producer and distributor of films in the entertainment business, 20th Century Fox,” the companies said in a statement.

The film label will focus on stories “outside of the mainstream” and will look to target the millennial generation, focusing especially on new media technologies.

Fox will contribute its film development, production and distribution capabilities while Vice will lead in the creative development and global marketing, making use of its global network of digital channels.

Vice Films will aim to produce at least two films internally a year. It will also have a first-look production deal with 20th Century Fox giving Vice the opportunity to develop larger budgeted films as well. In addition, Fox will be able to develop material based on Vice’s stories for potential feature films.

The idea for the partnership was thought up by 20th Century Fox chairman and chief executive Jim Gianopulos, Vice chief executive officer Shane Smith and chief creative officer Eddy Moretti. Moretti will take up the position of the head of Vice Films.

Moretti said: “In partnership with Jim and his excellent team at Fox, we will build a new global home for cinematic creativity, supporting filmmakers from development to distribution, and creating a new business model for the industry along the way. But at the heart of this partnership is our love of cinema; Vice is committed to the enduring artistic and cultural relevance of the two-hour narrative.”

Gianopulos said: “Vice is a bold, groundbreaking new media company that allows us to reach an audience that is focused online and consumes its news and entertainment across many media platforms.

“Vice not only knows how to reach that audience but markets to them better than anyone else out there. We’re very proud to embark on this exciting venture with our new partners.”

Vice has already seen success in creating films and documentaries, winning an award at this year’s Sundance Festival for its production exploring Somali piracy, ‘Fishing Without Nets’.