MUMBAI: In an unprecedented transaction, Relativity Media, LLC and Universal Pictures have extended and expanded their co-finance partnership through 2015, which will cover the majority of Universal’s slate up until that time.
Building on the success of their already established equity partnership, which has funded recent films such as Mamma Mia!, The Mummy: Tomb Of The Dragon Emperor and Hellboy II: The Golden Army, the expanded partnership is expected to fund 10-15 films per year and will provide billions of dollars of financing during the term.
"We’ve had tremendous success with Universal. Our deal has been very profitable to date and the Universal creative, marketing and distribution team is unparalleled. They are true partners," said Relativity Media CEO Ryan Kavanaugh.
The agreement represents a significant long-term commitment by Relativity Media to Universal Pictures, as its financing entity Relativity Capital Holdings will co-finance approximately 75 per cent of Universal’s upcoming releases.
Universal Pictures executive vice president Michael Joe added, "Universal is pleased to further expand its existing relationship with Relativity. We have had a genuine collaborative partnership to date, and we look forward to expanding on our ambitions together in the future. Their commitment to us means that we can continue to do what we do best: Develop quality movies that appeal to filmgoers across the globe."