David Guy Levyand Gregory Leonarczyk, who produced Rodrigo Bellott's Bolivian smash SexualDependency, have formedthe independent production company Periscope Entertainment in Los Angeles.

Backed by private equity,the partners and financial investors plan to develop and produce three to fourpictures a year with budgets ranging from $2m-15m, and will also providecompletion funds.

Levy will assumethe role of president and chief executive officer running day-to-dayoperations, while Leonarczyk becomes chief financial officer.

First up,Periscope will serve as executive producer on Vinyl, Richard Zelniker's rock drama starringThora Birch that is due to go into production in Los Angeles in September.

Zelniker's screenplaycentres on the women behind a rock band on the verge of a big record deal. AnnaFaris, Michelle Trachtenberg, Lukas Haas and Dominique Swain will also star.

Arrival Cinema'sAra Katz, Chad Troutwine and Sam Englebardt will produce and Leonarczyk andLevy will share executive producer credits with Birch.

Periscope hasalso signed on to executive produce, in association with Arrival Cinema, DavidCronenberg's London Fields, based on the novel by Martin Amis and produced by MuseProductions and Metro Tartan.

Currently in pre-production,the project is about a psychic who encounters two men in a seedy bar, one ofwhom may be her killer. Amis and Roberta Hanley adapted the screenplay.

Levy will serve as executive producer with Lily Bright ofCuriously Bright in association with Arrival. Leonarczyk will serve asassociate producer.

Periscoperecently optioned the rights to Howard A Rodman's screenplay August, a drama about two brothers trying tokeep their start-up financial company afloat on Wall Street one month beforethe 9/11 attacks.

Rodman adapted thescreenplay to Joe Gould's Secret,which starred and was directed by Stanley Tucci, and the true crime drama SavageGrace, which is being produced byKiller Films with Julianne Moore attached to star.

Periscope hasalso acquired the screenplay to the romantic comedy One Last Thing by Nicholas Klein, the Wim Wenderscollaborator who makes his directorial debut here.

One LastThing follows a man whodiscovers his girlfriend's outrageous past on the night he decides to proposeto her.

Levy's firstshort film Ob La Dastarred Henry Winkler as a suicide hotline operator. He is independentlyproducing Bellott's second feature, Soccer Sundays.

Leonarczyk is aco-founder of the internet design consultancy Octavalent.