Company inks two-year, first-look deal

Principato-Young has reupped with 20th Century Fox, inking a two-year, first-look producing pact.

At least two other studios were vying for the comedy management-production powerhouse, founded by Peter Principato and Paul Young in 2000.

In a statement, Principato and Young said, “We had an excellent experience at Fox making ‘Reno 911: Miami.’ The studio has been our home for the past two years, and its track record speaks for itself. We can’t imagine being in better hands.”

The Fox films Principato and Young are producing are Will Arnett starrer “Space Invader” and the Jim Carrey vehicle “Me Time,” both with 2009 release dates.

“Principato-Young has long been regarded as the source for Hollywood’s next generation of cutting-edge, young, comedic talent,” said 20th Century Fox co-presidents Emma Watts and Alex Young. “That generation has turned the corner and now represents a comedic powerhouse.”

The duo have a number of projects set up at other studios including Frank Coraci’s “The Bender” at New Line, which is heading into production early next year. They’re also developing “Stallions,” “For Richer or Poorer,” “Worst Friends” and “The Worst Man” at Warner Bros.; “Dad Can’t Lose” and “Deal Breaker” at Paramount; and “Bot,” “The Way Back,” “Man Wedding” and “Harvey and Marky” at various Fox labels.

In addition, Principato-Young has teamed with Jason Reitman on “The Ornate Anatomy of Living Things” at Fox Searchlight and is producing “Event Staff,” starring Rob Corddry, Paul Scheer, Ed Helms and Rob Heubel, for Fox Atomic.

The company — whose client list includes Jonah Hill, Arnett, Corddry, Anthony Anderson, Cheryl Hines and Ed Helms — also has two TV series on the air: “Reno 911″ on Comedy Central and “Hollywood Residential” on Starz.

Principato began his Hollywood career as a talent agent at WMA, while Young got his start at Variety.

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