Danny Cohen, the BBC former director of television, has joined the company that owns Warner Music as head of new entertainment division with hundreds of millions earmarked for investment in high-end TV, film, digital and theatrical productions.

Cohen is to join Len Blavatnik’s Access Industries, which holds a raft of investments including in music service Deezer and digital media company Perform.

In his new role Cohen will have an initial budget of “several hundred million dollars” to invest in entertainment media globally.

Cohen has taken on the role of president at newly-formed business Access Entertainment which will focus on investments across the “entertainment sector with a concentration in high-quality television, films and theatrical productions”.

“Our ambition is to work with the world’s most talented creatives in environments that allow them to do their best work,” said Cohen, who left the corporation after eight years last October. “Our investments will be wide-ranging: companies, people, television series, movies, theatrical productions and innovative digital opportunities. We will earn a reputation for quality, innovation and commitment to great talent.”

Access said that in his new role Cohen will be responsible for seeking out “creative and strategic business opportunities” globally as well as working closely with Warner Music, the world’s third largest music group, as well as other Access-owned companies.

Access has media investments including AI Film, the London-based film finance and executive production company with credits including Ian McKellen film Mr Holmes, and a majority stake in Amedia, Russia’s largest producer of TV series.

“I look forward to working closely with Danny,” said Blavatnik, founder and chairman of Access Industries. “Danny’s extensive experience and network will be invaluable as we identify and develop new media and entertainment investment opportunities.”