Par Vantage in co-financing pact
PARK CITY -- Paramount Vantage said Sunday that it has created a $150 million film financing fund with Morgan Stanley.
Marathon Funding Llc. will help support the slate Vantage has developed during the past year, investing in the production and distribution of 15 Vantage films, including the 2006 Golden Globe best picture winner "Babel," and 10 others to be released in 2007.
Some of this year's films include Michael Winterbottom's "A Mighty Heart," Sean Penn's "Into the Wild" and Paul Thomas Anderson's "There Will Be Blood."
"We are always looking at co-financing opportunities," Paramount Vantage co-president Nick Meyer said. "It's part of extending our reach and having a partner on board who can be with us for the ride. We're managing our business in the most prudent way we can and this deal allows us to grow. It's a good venture."
Meyer added that Vantage and Morgan Stanley have come to an understanding on how they will work together in terms of creative control.
"This new film-financing agreement will give Paramount (Vantage) the funding it needs to expand its franchise and continue to produce quality, award-winning films such as 'Babel,' " Morgan Stanley executive director Christine Lavelle said.
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