At the same time, he has signed a three-year extension of his overall production deal with Warner Bros Pictures and extended his production deal with Johnny Depp's Infinitum Nihil.
The new deal gives Warner Bros a first-look option on films produced under the GK Films moniker including Infinitum Nihil titles.
King remains a principal in Initial Entertainment Group, but Initial will now operate principally as a sales company for product from Colin Cotter's new financing outfit Continental Pictures, which has a second-look at King projects. Cotter will also remain a principal in Initial, while Eric Christenson runs the sales team.
King said yesterday that he would also look to feed films into Initial in addition to his principal job as film producer.
Working with King at GK are president of production Gail Lyon, vice president of production Grey Rembert and production executive Denis O'Sullivan. His partner in GK is long-time collaborator Tim Headington.
GK's slate is headed by Shantaram, written by Eric Roth from the novel by Gregory David Roberts. Mira Nair will direct Johnny Depp in the film, produced by King and GK Films with Warner Bros Pictures in conjunction with Infinitum Nihil and Brad Pitt's Plan B.
King said the next large-scale production would be either Shantaram or Martin Scorsese's first family movie The Invention Of Hugo Cabret based on the novel by Brian Selznick and scripted by John Logan for Warner Bros.
The Young Victoria starring Emily Blunt as the young queen begins shooting on location in the UK in August. Jean-Marc Vallee is directing and Initial is handling international sales for GK Films.