The management and production company Addis-Wechsler has entered into a five-year joint venture with Columbia TriStar TV to produce all forms of programming.
The deal, announced by CTT president Eric Tannenbaum and Addis-Wechsler principals Keith Addis and Nick Wechsler, has been expected since the New York-based holding company Interpublic Group acquired a majority stake in the company earlier this month. (Daily Variety, Aug. 6).
The deal is similar to a first-look deal, with Addis hoping to pair some of its clients with Columbia’s writers for its first concentrated push into TV. Not all of the projects, however, will involve Addis clients, who include Ted Danson, Christine Lahti, Leonardo DiCaprio, Claire Danes, Samuel L. Jackson, Cameron Diaz and Billy Bob Thornton.
Under terms of the deal, Addis will underwrite all overhead and a portion of its development costs in exchange for a significant backend in any successful projects. No projects are in development yet, but the company is currently in the process of hiring a couple of development executives.