Buoyed by box office success, Universal’s summer just got even more impressive as the studio announced on Wednesday  it had struck a five-year co-financing and co-production deal with Legendary Entertainment.
The agreement ends months of speculation as to where Legendary chairman and CEO Thomas Tull [pictured] would take his company following a lengthy tenure at Warner Bros.
Commencing in 201,4 Universal will market, co-finance and distribute Legendary films worldwide.
The deal enables Tull to leverage product across Universal’s theme parks and enjoy cross-promotional support from NBCUniversal and Comcast assets through the company’s Symphony initiative to develop synergies within NBCUniversal platforms.
Meanwhile Universal stands to increase its foothold in China through the opportunity to collaborate with Legendary through its partner’s deal with China Film Group.
“Comcast and NBCUniversal’s global assets in film, television and theme parks offer Legendary unmatched breadth and opportunity to grow our business,” said Tull. “We are delighted to be in business with this exceptional team and look forward to a successful partnership.”
“Legendary has demonstrated a keen ability to identify and acquire powerful fresh intellectual property based ideas, match them with strong filmmakers and turn them into blockbuster hits,” said Universal Pictures chairman Adam Fogelson and co-chairman Donna Langley
“The Universal team is thrilled to have the opportunity to partner with Legendary in turning those ideas into the best and most successful versions of themselves around the world.”
“Legendary continues to prove that big ideas are relevant and profitable with our global movie-going audience,” said Universal Studios president and COO Ron Meyer. “We couldn’t be more thrilled to embrace the challenges and changing marketplace with Thomas and his team and we are also excited about what opportunities this will bring to our Theme Parks around the world.”
“We are very excited to be in business with Thomas and Legendary,” added NBCUniversal CEO Steve Burke. “The partnership is a perfect fit for both companies and I am confident that together we will be in an even better position to deliver compelling, profitable entertainment content to a global audience for years to come.”