USD450 million to be received by Warner Bros from RatPac-Dune Entertainment
Warner Bros, the studio unit of Time Warner Inc, would be receiving a USD450 million from RatPac-Dune Entertainment LLC to serve as funding for 75 films, including its summer franchise offerings.
RatPac is a production partnership between filmmaker Brett Ratner and casino executive James Packer alongside Dune Capital Management. The multiyear agreement joins the three to provide USD450 million in the next four years and may be increased to USD1 billion, when loans and reinvested profits are included. Dune Capital is the investment firm that was established by Steve Mnuchin, OneWest Bank Group LLC Chairman.
According to Mncuchin, in an interview, "I'm a big, long-term believer in the value of content. The expansion of digital will make this worth more and more."
One of the deals for this project would be the Batman-Superman film starting Ben Affleck slated for July 2015. This financing comes shortly after Legendary Entertainment LLC left Warner Bros, for Comcast Corp's Universal Pictures.
According to Warner Bros CEO Kevin Tsujihara, through an emailed statement, "This agreement gives us increased strength and flexibility in the motion picture division and even greater ability to manage risk as we continue to produce high quality filmed entertainment for the global audience."