Veteran film executive Paul Hanson has partnered with Media Content Capital to launch Covert Media, a new feature production, financing and distribution company based in Los Angeles. Hanson, formerly COO of QED International and, later, of Annapurna Pictures, will serve as CEO. Media Content Capital has pledged to fund the new company.

Covert Media will kick off with an initial mandate to make three to four films a year, budgeted at $10 million-$50 million. Substantial capital backing for these films will come from MCC directly, with Covert Media focusing on “high-quality, commercial content for worldwide audiences.” Over time, the company plans to expand into broader budgets sizes and into other mediums including episodic content for television or streaming.

Covert Media also will service and support the library, and upcoming projects, for MCC-owned QED. Among these projects are the Bill Murray comedy Rock The Kasbah; the Jason Bateman-directed The Family Fang; Franny, starring Richard Gere, Dakota Fanning and Theo James; Time Out Of Mind, from writer-director Oren Moverman and starring Richard Gere; and the thriller Strange But True, starring Imogen Poots, Bill Paxton and Melissa Leo.

Hanson most recently served as COO for Annapurna Pictures, a position he held for two years. Before that, he was COO of QED, overseeing all aspects of the company including film financing, production and distribution. Notable films from his time with QED include Neill Blomkamp’s District 9, Oliver Stone’s W. and John Turturro’s Fading Gigolo. He also served as VP and CFO of Key Creatives, production and strategy executive at Artisan Entertainment, and investment banker at Broadview International.