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In collaboration with Universal Pictures, the Syfy television network has launched Syfy Films to make low-cost fantasy, horror and science-fiction movies, the Wall Street Journal reports.
Syfy Films will develop one or two movies a year, and Universal Pictures will begin distributing the projects in 2012. The film production budgets of films created by the company will fall between $5 million and $25 million.
Syfy President Dave Howe cited District 9, which cost about $30 million to create but grossed over $200 million worldwide, as the model for the new company.
“We know there is an incredible consumer appetite for genre content as proven by the top grossing box office films,” said Howe and co-head of content for Universal Cable Productions, Mark Stern, in a joint statement issued Wednesday.
“Partnering our brand with the theatrical talent of Universal Pictures, a premier motion picture company, will allow us to exploit our combined expertise and resources to create commercially successful quality films that have the potential to become great franchises for the whole company.”
Current studio chairman Adam Fogelson revealed that the two sides had discussed the idea casually over the years, but it had never come to fruition until now.