(Reuters) -Media executive Shari Redstone has been named chair of Israel-based entertainment studio Sipur, which is behind the award-winning documentary "We Will Dance Again" and Netflix's "Bad Boy".

The company said on Tuesday that the former Paramount chair will work with Sipur's co-founders, CEO Emilio Schenker and Gideon Tadmor.

Redstone has invested in the production studio alongside Tadmor and Israeli institutional investors Bank HaPoalim and Clal Insurance, Sipur added.

"Not only does Sipur produce high-quality commercial content, the team also brings to life stories that drive conversation, impact and change," Redstone said in a statement.

Sipur's business model includes producing high-end content on modest budgets in partnership with international companies, a strategy that has allowed the studio to grow rapidly since its inception in 2019.

Early this year, Redstone closed the sale of Paramount Global to Skydance Media, marking the end of the media mogul's control over Paramount-parent National Amusements.

Redstone was long hesitant to part with the studio her late father Sumner Redstone acquired in 1994.

Sipur said it has made strategic investments in multiple projects premiering over the past two weeks at the Venice and Toronto international film festivals.