Ben Affleck and Matt Damon launch Production Co. with RedBird Capital’ – Deadline

As Deadline’s Mike Fleming reported in June of this year, Red Bird Capital Partners today confirmed the details of this story. Ben Affleck, Matt Damon and Gerry Cardinale are launching an artist-led studio that partners with filmmakers to strengthen creative vision and expand access to profit sharing.

The new workshop Artist Equitywill seek to create “entrepreneurial partnerships” with filmmakers.

Terms were not disclosed. RedBird Capital is taking what is called “a significant financial commitment in launching the company, providing strategic capital and operational expertise to accelerate its development and production pipeline.

Affleck and Damon combined have generated over $10.7 billion in worldwide box office sales, over 110 feature films as star or costar, six screenplays produced, eight television series as executive producer or writer and won three Oscars. They will run the business.

Artists Equity is an intellectual property monetization platform anchored by three core principles, the announcement stated:

• Expand access to profit-sharing: provide performance-based incentives to creators and crew that allow all participants in the production value chain to share in profits;
• Fuel the monetization of IP through partnerships with creators: focus on partnering with established and emerging filmmakers who want to work in a talent-friendly environment with management that understands and supports their creative vision;
• Leverage a data-driven distribution approach: Use insights from proprietary databases to better inform distribution strategy decision-making, maximizing content reach and valuation.

Artists Equity’s first project will feature Affleck as director and star Damon and a cast including Affleck in the true story behind the creation of the iconic Air Jordan brand, set for release in 2023 in partnership with Amazon Studios , Skydance Sports and Mandalay Pictures.

The company plans to release three projects in 2023, with plans to scale and release a minimum of five projects per year going forward.

“Artists Equity was conceived from Matt and my lifelong passion for the art of storytelling and our shared desire to help creators realize their vision, as we have been fortunate to do throughout our career,” said Affleck, who will serve as general manager. officer. “The entertainment industry is defined by great partnerships – writers, directors, producers, crew, actors – and throughout my career, I’ve learned that collaboration is the engine of success. Our goal with Artists Equity is to build a creator-focused studio that can optimize the production process with a shared stake in the commercial success of projects.We are delighted to partner with Gerry Cardinale and the RedBird team, who have a long history of creating of large-scale platform companies around a single IP address. Matt and I look forward to working together to empower current and future creative minds in the entertainment industry.

“Historically, a film’s success was based on its box office performance. Today, with the rise of streaming, the business behind cinema has inherently changed. However, Ben and I know that the power will continue to be in the hands of creators no matter which direction the industry moves in,” said Damon, who will serve as Chief Content Officer. “Artists Equity empowers these visionaries to own their creative power, providing a platform for established and emerging artists.
filmmakers to streamline their content development. Ben and I are fortunate to have worked with some of the best in the industry, and our partnership with Gerry Cardinale and the team at RedBird allows us to continue on this trajectory as we seek to innovate and empower ourselves through the platform. Artists Equity.

“Ben and Matt are two of the most talented entrepreneurs in the entertainment industry, and now we can add founders to their long list of accomplishments,” added Gerry Cardinale, Founder and Managing Partner of RedBird Capital. “The investment thesis behind Artists Equity is consistent with RedBird’s track record of supporting proven founders and entrepreneurs with scalable solution-based capital to create innovative IP monetization platforms. Over the past 20 years since Ben, Matt and I first met, we’ve been part of the evolution of content monetization in our respective careers, most recently culminating in the streaming phenomenon and its current evolution. from volume to quality. Artists Equity is an independently capitalized studio that will enable content creators to navigate this changing landscape and maximize the value of their visionary storytelling. Today, the premium leans more towards quality, which fits extremely well with Ben and Matt’s background as filmmakers in writing, directing, producing and acting. Under their curation, Artists Equity will deliver projects that meet the growing demand for critically acclaimed content while enabling broader profit sharing throughout the production value chain.

Artists Equity will be headquartered in Los Angeles and will be led by Affleck, Damon and COO Michael Joethe former COO of STX Films and former executive vice president of Universal Pictures.

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