Cold Spring to finance romantic comedy

Montecito Pictures has fallen for “Underage,” buying the romantic comedy spec by the writing team of Scott Neustadter and Mike Weber (“Pink Panther 2″) for mid- against high-six figures.

DreamWorks-based Montecito, which is fast-tracking the project, purchased the script late Tuesday out of its discretionary fund. The shingle plans to use its Cold Spring Picture financing vehicle, under which Montecito and the studio share production costs and ownership of films.

Story is centered on a man in his mid- to late 20s who goes home with a young woman he’s met in a bar. Later, he discovers she’s only 17 — a fact that allows her to blackmail him into being her boyfriend for the next six months.

Montecito and DreamWorks co-financed “Disturbia” via the Cold Spring deal, and they are in post-production on “Hotel for Dogs” and horror-thriller “The Uninvited,” formerly known as “A Tale of Two Sisters.” Montecito’s also in post with Fox Atomic on comedy “The Post-Grad Survival Guide” and goes into production with DreamWorks next week on “I Love You, Man,” a comedy starring Paul Rudd and Jason Segel and directed by John Hamburg.

Neustadter and Weber also wrote “500 Days of Summer,” which Watermark and Mason Novick are producing for Fox Searchlight.

Montecito principals Tom Pollock and Ivan Reitman and execs Ali Bell and Jeff Clifford are expected to be involved in “Underage” in producing capacities.

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