Reliance's Riverstone Pictures to Finance Open Road Original Productions
The multiyear deal begins with 'Sleepless Night,' starring Jamie Foxx and Michelle Monaghan.
Open Road Films and Riverstone Pictures have struck a multiyear financing pact that will pay for a slate of films produced by Open Road, beginning with Jamie Foxx and Michelle Monaghan's Sleepless Night.
The idea is to finance two to four films a year that will get a wide release in the U.S. Foreign sales will be handled by Open Road International and FilmNation.
Riverstone is a Reliance Entertainment company founded by Deepak Nayar and Nik Bower and backed by Ingenious Media. The company was launched last year when it came aboard to finance Genius, starring Colin Firth.
"Open Road has quickly established itself as a major player in the domestic distribution market with excellent taste in material and a proven expertise in marketing and releasing their films. It was natural fit as a next step for Riverstone Pictures," said Nayar.
Added Open Road CEO Tom Ortenberg: "Riverstone is a company that combines heavyweight financing from major backers with an agile, entrepreneurial approach resonant of our own."
Riverstone expects to finance eight to 10 productions in the $10 million to $50 million range outside of its deal with Open Road.