PowerHouse Studios has signed a deal with Steeple Distributions to co-produce two feature films in association with Arama/Zegna Pictures. Steeple will provide funding for the two projects via a $132m letter of credit issued by the Bank of New York.

The first co-production will be Shimon Arama's The Sailmaker. To be directed by Sir Richard Attenborough it will star Brad Pitt and Anthony Hopkins. Details of the second film are still under raps.