That’s “Bring Your Own Financing” for the uninitiated…
HOLLYWOOD, CA (February 18, 2009) — Paramount Pictures, a unit of Viacom Inc, today announced an extension of its agreement with The Montecito Picture Company and Cold Spring Pictures to run through February 2012. The arrangement gives the Studio an exclusive first look at Montecito’s diverse productions, as well as the non-exclusive opportunity to co-finance films through Montecito’s financing facility, Cold Spring Pictures. The Montecito Picture Company was set up in 1998 by Ivan Reitman and Tom Pollock. In 2006, Reitman and Pollock set up film financing arm, Cold Spring Pictures, with Merrill Lynch and other financial partners. “We had a successful nine-year relationship with DreamWorks, and now we’re delighted to extend our relationship with Brad and Paramount,” said Tom Pollock.
Montecito, through DreamWorks, produced for Paramount the hit thriller DISTURBIA (2007), which debuted number one at the box office where it remained for three consecutive weekends. Ultimately, DISTURBIA earned more than $117 million worldwide and solidified Montecito, Cold Spring and Paramount’s partnership. In January, Montecito, Nickelodeon Movies and Paramount Pictures released family friendly HOTEL FOR DOGS starring Emma Roberts and Don Cheadle. Since its opening on January 16, the film has garnered more than $62 million at the domestic box office. Montecito and Paramount also partnered to release THE UNINVITED on January 31. Montecito and Paramount are pairing up on the highly anticipated March release of comedy I LOVE YOU, MAN helmed by John Hamburg, produced by Donald De Line with Paul Rudd and Jason Segel starring, and in the fall, Montecito, Cold Spring and Paramount will release the topical comedy UP IN THE AIR starring George Clooney with Jason Reitman directing from his screenplay.
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