EXCLUSIVE: Former Film4 head Tessa Ross and exiting Working Title TV chief Juliette Howell are teaming to launch a new production company. Deadline understands the company will cover both film and TV production and launch officially before the end of the year. It will have the advantage of two extremely high-profile and well-respected execs at the helm from the outset.

It’s a high-profile return for Ross, who unexpectedly exited her position as Film4 chief last year to join the National Theater only to ankle her post in an even bigger surprise after citing structural concerns. She was supposed to work alongside National Theatre director Rufus Norris but evidently the post was not big enough for the two of them. During her time at Film4, Ross established herself as a keen supporter of British and independent film talent, overseeing the likes of Danny Boyle’s Slumdog Millionaire and Yann Demange’s blistering ’71.

Howell and NBCUniversal announced she was leaving Working Title TV last month, During her well-regarded tenure at Tim Bevan and Eric Fellner’s production powerhouse, she oversaw Birdsong, Mary And Martha, The Borrowers and True Love. Howell will continue to be fully responsible for BBC2 thriller London Spy, Sky 1 and NBC comedy drama Apocalypse Slough, and series two of Sky 1’s Yonderland before she fully segues into her new role with Ross.

Neither Ross nor Howell were available for comment.