Mike Karz and Bill Bindley’s new production and financing company leads off with The Nut Job and is backed by what the studio said was a “multi-million-dollar” development fund from South Korean 3D stereoscopic Redrover Ltd and US private equity.
Gulfstream will be based on the Warner Bros lot in Burbank for the duration of the two-year term and will co-finance development with the studio and has the option to co-finance.
The aim is to produce and co-finance two titles a year and Warner Bros will handle worldwide distribution.
Gulfstream is meeting with additional investors to launch a $200m fund. Redrover and the initial slew of US private equity will be the lead investors.
The Nut Job is said to be a $45m animated feature that Peter Lepeniotis will direct for Redrover and Toronto animation studio Toonbox Entertainment, which has become a sister company to Gulfstream.
Karz has enjoyed a long-standing relationship with the studio and most recently produced New Year’s Eve and Valentine’s Day. His latest film for Warner Bros, Thunderstruck, opened on Aug 24.
Bindley and Karz are currently producing two projects for Warner Bros: comedy feature West Texas United with Russell Brand attached to star and family comedy Say.