Arnon Milchan's production company New Regency Productions and News Corp.'s Fox Filmed Entertainment have struck a deal to extend their longtime partnership through 2022, while at the same time providing a more active role for New Regency in Fox's releases.
Going forward, New Regency will develop and fully finance a larger number of its films, which Fox will continue to distribute in theaters and on DVD. That enables New Regency to have more say over projects while still enlisting Fox's worldwide marketing and distribution system. Meanwhile, Fox benefits by the flow of movies from the independent production company and reduces its financial risk.
"This is great for both sides," said Fox Co-Chairman Jim Gianopulos. "It allows New Regency to keep the upside on more films and it augments our ongoing slate of 16 to 18 movies a year."
Among the projects currently in the works are sequels to "Big Momma's House" and "Alvin and the Chipmunks"; a thriller called "Now," starring Justin Timberlake; and "What's Your Number," an "edgy" comedy starring Anna Faris and Chris Evans.
Over the last 13 years, the closely aligned companies have collaborated on 55 movies, including the breakout hits "Marley & Me," "Mr. and Mrs. Smith" and the "Alvin and the Chipmunks" film series as well as less successful offerings such as "Marmaduke," "Love and Other Drugs" and "Meet Dave."
New Regency -- in which News Corp. owns a 20% stake -- has co-financed about three-quarters of the movies it has made with Fox while fully financing the balance.