Magnet Media Group founding partners Maggie Monteith and Jeanette Buerling are splitting their respective business operations into two separate entities.
Monteith and Buerling will both branch out into further areas of the entertainment industry as well.
Monteith will launch a US theatrical distribution operation and said: “My main focus will be on film marketing and distribution. It is in finding projects that I believe can connect well with different audiences that I have found the most satisfaction.
“So as much as I have enjoyed engaging in film financing, development, and production over the past few years, I’m very much looking forward to being able to get back to what I am most passionate about.”
Buerling will continue to run the film finance and production entity Magnet Media Group and will add a VFX and 3D production division to make two films a year in the $20-$30m range.
“Since Maggie and I founded MMG, there have been many changes in the marketplace and our goal is to strategically optimise on the opportunities these changes are presenting,” Buerling said.
“US domestic is a crucial element and I’m confident Maggie will tackle this challenging marketplace aggressively. My focus will continue to be on meeting the current market demands for commercial films. That includes high-concept thrillers, action, and comedy films. I’m also thrilled about the addition of VFX-driven products as part of our product line.”
MMG most recently financed and produced 13 starring Jason Statham, Mickey Rourke, Sam Riley, Ray Winstone and 50 Cent, The Experiment starring Adrien Brody and Forrest Whitaker, and Dark Tide starring Halle Berry. Up next, MMG has just signed on an additional eight films within the $10 to $40m budget range to be produced in 2011 and 2012.