Warner Bros. Signs Exclusive First-Look Deal with Producers Mike Karz & Bill Bindley’s New Gulfstream Pictures, a Partnership with Korea’s Redrover Ltd. and U.S. Private Equity Funds
Gulfstream Sets Up Shop at Warner Bros. to Develop and Co-Finance Tentpole Films
BURBANK, Calif.--(BUSINESS WIRE)--Warner Bros. has signed an exclusive first-look deal with Mike Karz and Bill Bindley’s new film production and financing company, Gulfstream Pictures. The company gets its start with an initial multi-million-dollar development fund from Korea-based 3D stereoscopic leader Redrover Ltd. and a consortium of U.S. private equity funds.
Under the two-year pact, Gulfstream will be based on Warners' Burbank lot and will co-finance development with Warners with the option of co-financing the films, which will be distributed worldwide by Warners. Gulfstream is currently meeting with additional investors to complete the formation of a $200 million film fund, of which Redrover and the U.S. private equity funds are lead investors. Gulfstream plans to produce and co-finance two films per year.
Gulfstream’s first film is “The Nut Job,” a $45-million animated feature directed by Peter Lepeniotis for Redrover and Toonbox Entertainment, a top Toronto animation studio, which becomes a sister company to Gulfstream.
“Mike and Bill have been valued members of the Warner family for a long time,” said Greg Silverman, President of Production for Warner Bros. Pictures. “We're excited to extend our relationship to include Gulfstream and eagerly anticipate making more great movies together.”
Hoe-jin Ha, Redrover's CEO, said: “This opportunity is a historic step for the Korean film industry. We are very excited to set up this fund, supported by Warner Bros., and we look forward to co-financing many films through this partnership with Gulfstream.”
This new deal follows producer Karz’s long-standing relationship with the studio, where he produced such hits as “New Year’s Eve” and “Valentine’s Day,” the latter of which set box-office records, including the top-grossing romantic comedy weekend of all time and the top-grossing Presidents’ Day Weekend opening. Karz’s most recent film for Warners, “Thunderstruck,” starring the NBA’s Kevin Durant, is in theaters now.
Bindley and Karz are currently producing two films for Warners: “West Texas United,” a comedy with Russell Brand attached to star, and “Say Uncle,” a family comedy, with Bindley attached to direct. Bindley directed the Jim Caviezel-starrer “Madison,” a Sundance Film Festival favorite, distributed by MGM Pictures.
About Redrover Ltd.
Redrover Ltd. is a global leader in the 3D stereoscopic industry, founded in 2000 with the participation of college professors and researchers. Since then, Redrover Ltd., a publicly held company, has obtained patents from 30 countries, including Korea, and established a global network in major trading countries, including the U.S., Canada, China, and Japan. In 2008 Redrover began producing 3D stereoscopic animation movies and television series with its North American studio Toonbox Entertainment, and will continue producing two to four Korean films each year, beginning this fall with its first film.