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Fox Finds New $400 Million Slate Deal, Covers 'Avatar 2'

FILM: James Cameron

The long-term co-financing deal was arranged by Chip Seelig.

Twentieth Century Fox has closed a $400 million slate-financing deal that will help pay for a number of films during the next five years, including the Avatar sequel and likely the threequel, studio insiders confirmed to The Hollywood Reporter.

Fox struck the deal with veteran financier Chip Selig through his new company The Selig Group. He's no stranger to the studio, having been a partner at Dune Capital Management, Fox's co-financing partner since 2005.

The $400 million slate deal effectively replaces Dune, insiders say. Selig left Dune toward the end of 2011.

Dune co-financed a slew of Fox films, including James Cameron's Avatar, which earned $2.8 billion worldwide to become the top-grossing film of all time.

Cameron and Jon Landau, the filmmaker's producing partner at Lightstorm Entertainment, are in preproduction on Avatar 2. The sequel is expected to hit theaters in 2015.

The new slate deal likely will be extended at some point by another five years.