US joint venture for EuropaCorp, Relativity Media
French film group EuropaCorp, started by director Luc Besson, and US studio Relativity Media announced Friday a 50-50 joint venture to distribute movies in the United States.
Under the deal, EuropaCorp will pay $130 million ($95 million) over six years to buy into the outfit already owned by Relativity, which bought it from Overture Films in 2010.
Each company will exclusively use the joint venture to distribute its own films. Respective bosses Christophe Lambert and Tucker Tooley will share management.
The move also opens the possibility for the two companies to co-produce and co-finance productions, as they have already done ad-hoc in the past.
© 2014 AFP