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Warner Bros. has agreed to a financing deal with RatPac-Dune Entertainment.
The deal is to help finance up to 75 films over the next four or more years, The New York Times reports.
No official numbers have been released, but someone with knowledge of the deal who wanted to remain anonymous, said that Rat-Pac-Dune's initial financial commitment was around $450 million.
According to the Los Angeles Times, the deal went into effect immediately.
Gravity, starring Sandra Bullock and George Clooney, is the first film to be part of the co-financing deal. The deal covers any and all genres and budgets.
Warner Bros. Chief Executive Kevin Tsujihara said in a statement, "This agreement gives us increased strength and flexibility in the motion picture division and an even greater ability to manage risk as we continue to produce high-quality filmed entertainment for the global audience."
The NY Times notes that RatPac-Dune is a partnership between Dune, lead by Steven T. Mnuchin of OneWest Bank Group, and Brett Ratner and James Packer, who are partners in RatPac Entertainment.
Mnuchin wrote in a statement, "Warner Bros. Pictures has an incredible track record of success with the most valuable franchise properties, the best relationships in the creative community and an extremely talented executive team."
image: Wikimedia Commons