Indie production company Magic Hour Pictures has signed a $20 million production deal with a N.Y. investment banking firm, which chose to remain anonymous.
Under the deal’s terms, Magic Hour is committed to producing five films in the $3 million-$5 million budget range for theatrical release.
First on the production slate is “The Dumping Ground,” an urban drama about police corruption written by playwright Rob Spera and produced by Magic Hour execs Rich Goldberg and Marc Bienstock. Pic shoots in N.Y.
Magic Hour recently completed “Indiscreet,” a noir thriller which will air on HBO this August. Produced by Goldberg and Bienstock, who also directed, pic stars Luke Perry, Gloria Reuben, Peter Coyote and Adam Baldwin.
Magic Hour is also in development with Showtime on “Hangman,” a psychological thriller.