Financing on Burton pic to be split with Par

Mandalay Pictures is in advanced negotiations to make Tim Burton’s “Sleepy Hollow” the first production in its financing deal with Paramount Pictures.

Produced by Scott Rudin, the pic stars Johnny Depp, Christina Ricci and Casper Van Dien. Shooting starts later this month.

Mandalay will bankroll the pic through its distribution partners in seven overseas territories and Paramount, which will handle the distribution of the film domestically and in the rest of the world.

Creative cost defraying

The big-budget special effects-driven pic was developed by Rudin and originally set up at Par. The studio has been aggressive in finding creative ways to defray the costs and reduce the risks of the films it distributes.

Depp previously worked with Mandalay on Mike Newell’s “Donnie Brasco,” which was released by Sony in February 1997.

Neither Paramount nor Mandalay execs could be reached for comment.

“Seven” scribe Andrew Kevin Walker adapted the screenplay from Washington Irving’s classic “The Legend of Sleepy Hollow.”

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