Open Road Teams with Deepak Nayar’s Riverstone in... Jun 2, 2015 23:57:58 GMT -6
Post by The Ultimate Nullifier on Jun 2, 2015 23:57:58 GMT -6
Open Road Teams with Deepak Nayar’s Riverstone in Financing Deal
Open Road Films and Deepak Nayar’s Riverstone Pictures are teaming on a multi-picture production and financing pact that will cover all of Open Road Films’ productions in coming years.
Baran bo Odar’s “Sleepless Night,” starring Jamie Foxx and Michelle Monaghan, will be the first project released under the agreement. The film will shoot in Atlanta and Las Vegas this summer.
The announcement was made by Tom Ortenberg, CEO of Open Road Films, Nik Bower and Nayar, who are co-founders of Riverstone Pictures. The deal is expected to cover two to four films a year, with each picture getting a wide domestic release from Open Road, with Open Road International and Film Nation handling foreign sales.
Riverstone Pictures is part of India-based Reliance Entertainment and was founded by Nayar and Bower last year. It’s backed by Ingenious Media and is also funding “Genius” starring Colin Firth, Jude Law, Nicole Kidman and Laura Linney.
Riverstone expects to finance eight to 10 productions in the $10 million to $50 million budget range each year outside its deal with Open Road Films.
“Open Road has quickly established itself as a major player in the domestic distribution market with excellent taste in material and a proven expertise in marketing and releasing their films,” Nayar said. “It was natural fit as a next step for Riverstone Pictures.”
“We are delighted to be in business with Riverstone Pictures — a company that combines heavyweight financing from major backers with an agile, entrepreneurial approach resonant of our own,” Ortenberg said.
Ortenberg founded Open Road in 2011. Its top grossers have been “The Nut Job,” which made $98 million at the worldwide box office, and “The Grey” with $77 million.