Fox Filmed Entertainment and Walden Media Enter into Joint Venture to Market and Release Films for the Family Audience
Mr. Magorium's Wonder Emporium is first film to appear under the new bannerAugust 8, 2006
LOS ANGELES, CA - Fox Filmed Entertainment and Walden Media announced today a joint venture with the mandate of marketing and releasing family films for audiences of all ages.
Walden Media, whose recent success includes the worldwide blockbuster The Chronicles of Narnia, is bringing its future motion picture development slate to the joint venture. Fox will also contribute a number of current and newly developed projects. Walden Media's previously announced films at other studios will remain in place.
The new venture will have its own fully dedicated marketing, publicity and promotions staff. Walden Media will remain an independent entity and, in addition to maintaining its production and development staff, will oversee the development and implementation of grassroots outreach in education, youth groups, faith and family for the new company.
The new company will bring movie audiences everywhere quality family-friendly pictures at a variety of budget levels. Movies released under the new company will encompass all genres and will generally be MPAA-rated "G" and "PG".
Fox Filmed Entertainment Chairmen and Chief Executive Officers Jim Gianopulos and Tom Rothman, commented in a joint statement: "We look forward to this new alliance with Walden Media, an industry leader and innovator in reaching family audiences. 'G' and 'PG'-rated pictures make up ten percent of films released, but they dominate the marketplace with almost 30 percent of the gross. It's a great business to be in—and this venture is a great fit between our two companies."
Anschutz Film Group Chief Executive Officer David Weil and Walden Media Chief Executive Officer Cary Granat added, "This is the next step in the evolution of Walden Media and Anschutz Film Group. Fox is a great studio, and this joint venture allows us to create a new family film label together that complements Fox's existing strengths, and gives our upcoming slate of franchises and films a great home. Walden and Fox each have a unique vision and voice that fit together very well, and through this venture we have the opportunity to develop new paradigms for the marketing of family films."
Upcoming films already under the new banner include:
Mr. Magorium's Wonder Emporium, a Mandate Pictures co-production written and directed by Zach Helm, is centered on a 243-year-old eccentric (played by Dustin Hoffman) who owns the strangest, most fantastic, most wonderful toy store in the world. The film also stars Natalie Portman and Jason Bateman and is produced by Richard Gladstein and Jim Garavente.
The Dark is Rising, the first film adaptation of Susan Cooper's acclaimed The Dark Is Rising Sequence, about a boy whose everyday life is turned upside down when he learns that he is the last of the "Old Ones," a group of immortal warriors who have dedicated their lives to fighting the forces of the Dark. The project is being produced by Marc Platt and written by John Hodge.
City of Ember, based on Jeanne DuPrau's popular novel about two adolescents who unravel a mystery in order to keep their city from being plunged into darkness. The film will be directed by Gil Kenan (Monster House) and produced by Tom Hanks and Gary Goetzman for Playtone Productions.
As part of the deal, Fox will have first look rights at future projects from Bristol Bay Productions, Walden Media's sister company under Anschutz Film Group.
One of the world's largest producers and distributors of motion pictures, Fox Filmed Entertainment produces, acquires and distributes motion pictures throughout the world. These motion pictures are produced or acquired by the following units of FFE: Twentieth Century Fox, Fox 2000, Fox Searchlight Pictures, Twentieth Century Fox Animation, and Fox Atomic.
Walden Media specializes in entertainment that sparks imagination and engages young people in the learning process. Producing both original works and adaptations of acclaimed children's literature, Walden Media projects are enhanced by comprehensive outreach and supplemental programs for teachers, librarians, and parents. Walden Media recently announced a multi-year creative and strategic partnership with Penguin Young Readers Group to bring a number of children's book properties into development in the areas of publishing, film and television.
Anschutz Film Group is the parent company to Bristol Bay Productions and Walden Media. Bristol Bay Productions offers compelling and positive messages for the family audience, while Walden Media concentrates on entertainment that sparks the imagination and curiosity of kids. Anschutz Film Group is a subsidiary of The Anschutz Company, a privately owned investment and holding company with investments primarily in the areas of entertainment, media, telecommunications, natural resources, transportation, and real estate.
