July 06, 1999 08:51
MGM, Miramax to jointly produce eight films
SANTA MONICA, Calif., July 6 (Reuters) - Studios Metro-Goldwyn-Mayer
Inc. and Miramax Films said on Tuesday they will jointly produce up to eight films, using MGM's large film library as a resource for ideas and remakes.
The deal calls for the two companies to produce two or three films a year, sharing production and marketing costs as well as sharing worldwide theatrical and ancillary market revenues.
MGM and Miramax will each distribute four films domestically and four films internationally. The companies are currently evaluating third-party financing options to fund productions.
The first films to be produced will be MGM's "Cold Mountain," based on the best-selling novel, as well as a remake of the comedy classic "Harvey."
"Cold Mountain" will be written and directed by Anthony Minghella, who
helmed "The English Patient," winner of nine Academy Awards.
"We approached (MGM executives) because the opportunity to mine MGM's
great library with our development, production and marketing resources was impossible to resist," said Harvey Weinstein, co-chairman of Miramax.
"This deal is about access to unique content and combined resources
generating quality product for wide audiences," Weinstein said. "It is an extraordinary and exciting opportunity for both companies."
Miramax Films, which is owned by Walt Disney Co. , has produced
"Shakespeare in Love," "Life Is Beautiful," "Good Will Hunting," and "Pulp Fiction."
Shares of MGM gained 19 cents to $18.125 on Tuesday on the New York
Stock Exchange. Disney slipped 12.5 cents to $28.25.
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