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July 29, 2005
King Lear: Norman puts money in the Matrix men
Norman Lear, who turned 83 on Wednesday, takes it on the Roadshow, investing $115 million as part of three-person consortium, taking " 50% of the main film and distribution companies making up Village Roadshow Pictures, which has a long-term co-financing deal with Warners Bros. Pictures and is based on the Warners lot," writes Variety. "Village Roadshow's production and distribution partnership with Warner Bros. has turned out a number of high-profile, profitable pics, including the current "Charlie and the Chocolate Factory" and "The Matrix""The Matrix" trilogy. Upcoming releases include "The Dukes of Hazzard"... CEO Graham Burke said in a statement. "These are our type of guys and together we plan to take Village Roadshow Pictures to new heights."... Village Roadshow Ltd. predicted a $20 million accounting loss before tax in fiscal 2006 as a result of the restructuring. Whatever the loss, conglom said its board believes the new partnership is "a strategic necessity and financially prudent."
Posted by at July 29, 2005 11:14 AM
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