Warner Bros. has recently struck an exclusive first-look deal with film production and financing outfit Gulfstream Pictures, which is currently headed by Valentine’s Day producer Mike Karz and Bill Bindley. In their deal, Gulfstream will be producing and co-financing two films a year, starting with the $45 million CG-animated feature The Nut Job, which is directed by Peter Lepeniotis (Everyone’s Hero, Toy Story 2).
Gulfstream can bring an initial multi million dollar development fund to the table, courtesy of Redrover Lt., which is the Korea-based 3D technology and production company, along with a consortium of US private equity funds.
The Nut Job will be produced by Redrover in tandem with Toronto-based Toonbox Entertainmen, which is now a sister company to Gulfstream. As part of the 2-year deal, Gulfstream will be based on the Warners lot in Burbank and will co-finance projects with Warner, with the option to co-finance films distributed globally by Warner.
“Mike and Bill have been valued members of the Warner family for a long time,” said Greg Silverman, Warners president of production. “We’re excited to extend our relationship to include Gulfstream and eagerly anticipate making more great movies together.”
“Hoe-jin Ha, Redrover 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.”