Birth of a new movie studio. LA Times Adam Fogelson, the former chairman of Universal Pictures, is joining the new movie studio led by producer Robert Simonds. Fogelson will be chairman of the ventures motion picture group, the studio said Wednesday. He will oversee production, marketing, distribution and home entertainment strategy for the studios films. This is a monumental moment for our new company. - Robert Simonds, producer The new studio, backed by the investment company TPG Growth and the Chinese private equity firm Hony Capital, plans to produce and release up to 10 movies a year in with midrange budgets as major studios focus more on expensive franchise films. The companys movies are expected to cost $20 million to $60 million to make. Universal Pictures forced out Fogelson last fall as part of a shakeup in which Jeff Shell was put in charge of the film studio. Fogelson had been Universals Chairman since 2009. Fogelson is the most recent significant hire for the new studio, which doesnt have an official name yet. Oren Aviv, the former chief marketing officer for 20th Century Fox Film, was named president and chief content officer for its movies division earlier this month. lRelated Starz meets with 21st Century Fox about possible acquisition “This is a monumental moment for our new company, Simonds said in a statement. Adam chose us over other extremely compelling offers because he recognizes the once-in-a-generation opportunity to build a modern, multimedia entertainment company from the ground up.
Posted on: Wed, 24 Sep 2014 18:37:51 +0000
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