September 30, 2013 / 11:49 PM / in 4 years

Warner Bros studio strikes co-financing deal

Sept 30 (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

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