Anthony Esposito, president of Leading Pictures Inc, and independent producer Richard Glasser have formed a production/distribution outfit called Libra Entertainment which has a first-look production deal with David Glasser's Cutting Edge Entertainment. Richard Glasser is also director of acquisitions at Cutting Edge.

Libra will concentrate on projects with Canadian content that can also take advantage of UK and EU treaty-friendly production agreements. All projects will be in the $3m-$12m range.

Initial projects in development include thriller The Circle to be produced by Gary Howsam, thriller Istanbul written by Paul Chapin and produced by Franck Caraci and Rudy Calleyari, the comedy Out Of Order to be directed by Dave Thomas and to which Chevy Chase is attached to star, the comedy Little Italy to be directed by Debra Hill from Kathryn McCullough's script and actioner Blowing Smoke which James Orr will direct.

Esposito's relationship with Cutting Edge began when he brought The Mint starring Bridget Fonda and Tom Berenger and Wise Girls with Mira Sorvino to the company.

In addition to setting up Libra, Esposito's Leading and financial partner Raymond Lee recently partnered with All Girl Productions, the production partnership between Bette Midler, Bonnie Bruckheimer and Julia Eiseman, to form Leading Girl Productions for future film projects. Financing will be handled by MM Media Capital Partners (MCP).