Warner Bros studio strikes co-financing deal

Mon Sep 30, 2013 7:38pm EDT

Security guards stand at the entrance of the Warner Bros beach during the annual MIPCOM television programme market in Cannes, southeastern France, October 4, 2010. REUTERS/Eric Gaillard

Security guards stand at the entrance of the Warner Bros beach during the annual MIPCOM television programme market in Cannes, southeastern France, October 4, 2010.

Credit: Reuters/Eric Gaillard

(Reuters) - Warner Bros Pictures, the film studio division of Time Warner Inc, announced a deal on Monday with RatPac-Dune Entertainment to co-finance as many as 75 movies.

The terms of the deal were not disclosed, but the New York Times cited a source that said it was a $450 million commitment.

RatPac-Dune Entertainment was formed by Steven Mnuchin together with RatPac Entertainment, the film finance and production partnership of filmmaker Brett Ratner and Australian entrepreneur James Packer.

Warner Bros chief executive Kevin Tsujihara said in a statement that the arrangement gives the studio "greater ability to manage risk."

The agreement covers upcoming films, including "Gravity" and "Grudge Match."

Mnuchin helped finance Avatar and Life of Pi through his affiliates Dune Entertainment LLC, Dune Entertainment II LLC and Dune Entertainment III. Ratner is the director behind X-Men: The Last Stand, and Rush Hour

(Reporting by Jennifer Saba in New York. Editing by Andre Grenon)

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.