EXCLUSIVE: The new venture hatched by longtime CAA Film Finance and Sales Group co-head Micah Green and Texas-based entrepreneur Dan Friedkin has made its first big hire. Dan Steinman has stepped down as Black Bear Pictures co-president/COO and Elevation CEO to join. He will be based in New York and open an office there.

Steinman spent two years at Black Bear working on such projects as the George Clooney-directed Suburbicon, and getting Elevation off the ground. His exit is amicable, just as Green’s has been as he transitions out of CAA. The new venture doesn’t yet have a name, but is believed to be an ambitious enterprise that will make significant investments across projects and companies in the entertainment space and beyond. Financing the venture is Friedkin, who is separately backing the upstart film/TV producer/financier Imperative Entertainment. That company has risen quickly; on the film side, it is behind Ridley Scott’s next film, the Getty kidnap thriller All The Money In The World which starts production May with Michelle Williams, Kevin Spacey and Mark Wahlberg starring; and an Eric Roth-scripted adaptation of the David Grann book Killers of the Flower Moon that is shaping up as a potential teaming of director Martin Scorsese and Robert De Niro and Leonardo DiCaprio.

Green and Steinman have a long history. They worked together for eight years at CAA. Before that, Steinman was a partner at Sloss Law while Green hatched and ran Cinetic Media with principal John Sloss. Steinman understands the nuts and bolts of the financing and distribution of content, which will help the new venture as it spots emerging trends in film, TV and other platforms, and invests in the players making headway in those spaces.