Warner Bros Pictures has entered into an exclusive, long-term worldwide distribution agreement with Alcon Entertainment under which Warner will distribute a minimum of 10 films produced and financed by Alcon over the next five years. The agreement also allows Warner to co-finance certain films with Alcon.

The new arrangement gives Warner a new supplier to add to its existing co-financing partners which already include Village Roadshow Pictures, Bel Air Entertainment, Morgan Creek and Franchise Pictures.

The first film to fall under the deal is period film Affair Of The Necklace which will be directed by Charles Shyer and star Hilary Swank. Summit Entertainment is already engaged to sell off certain territories.

Alcon was founded in 1997 by co-presidents Broderick Johnson and Andrew Kosove and personally financed by Frederick W Smith, the founder and chief executive of Fedex Corporation. To date Alcon has financed and produced two pictures which were both handled by Warner Bros - Lost And Found with David Spade and Sophie Marceau and My Dog Skip, the family adventure which last weekend grossed $5.9m at the US box office.