Relativity Media hasestablished Gun Hill Road II, an independent co-financing package that providesdiscrete and separate funds for both Sony Pictures Entertainment and UniversalPictures.
The arrangement willprovide production funds for a total of 19 features, 11 from Sony and nine fromUniversal, one of which is a co-production between the two.
The pictures will bereleased broadly between the last quarter of 2006 and the end of 2007.
Each title under the GunHill II programme was selected for financing based upon the strength of itsrespective film package, including cast, director, production teams and studiomanagement.
The studios will retaincreative control and worldwide distribution rights to their respective films.Relativity retained Deutsche Bank to underwrite the debt and help structure thedeal.
'There is perhaps nogreater vote of confidence in the strength of our film slate than thecommitments we have secured through Gun Hill I and II,' Bob Osher, chiefoperating officer of Columbia Pictures, said.
'We are pleased toextend our agreement with Relativity Media and we are grateful to Deutsche Bankfor aiding in structuring these arrangements. We look forward to a mutuallybeneficial relationship among Sony, Relativity and Deutsche Bank for years tocome.'
'We are proud tocontinue our relationship with Relativity via the second round of financingthrough Gun Hill II,' Rick Finkelstein, president and chief operatingofficer of Universal Pictures, said.
'This deal once againallows Universal the benefit of managing its risk while at the same timeretaining control of worldwide marketing and distribution.'
'We are fortunate tobe in business with Sony and Universal,' Relativity's Ryan Kavanaugh said.'The relationship developed over the last number of months encouraged anew funding vehicle and we hope that through Gun Hill II we will continue thisfine working relationship.'