Projects include 'Demoted,' 'Bat Out of Hell'

Warren Zide, producer of the “American Pie” and “Final Destination” franchises, is partnering with Parallel Media in a $70 million production financing deal covering eight films.

The projects will be co-produced through Parallel Zide as a new division of Parallel Media, backed by Russian mogul Olga Mirimskaya.

First pic under the partnership is workplace comedy “Demoted,” which will commence production in early summer with a budget under $10 million. J.B. Rogers, who recently wrapped the comedy “Pool Boy,” will helm; Ryan Lewis exec produces.

Horror project “Bat Out of Hell,” written by Drew McWeeny and Scott Swan, looks like to be the next movie after “Demoted.” Craig Titley exec produces.

The new division will produce at least two genre movies a year in the $4 million-$15 million range.

Parallel prexy Ray Markovich has been in Russia since 1993, when he opened the Kodak Kinomir cinema in Moscow. He also worked in distribution in the Russian market for Sony and Spyglass titles before joining with Mirimskaya — who made her fortune in banking and food processing — in late 2006 to form Parallel Media.

Parallel has been involved with financing “The Zone” with Andy Davis, “The Angel of Leningrad” with Brian Ward and “Pretty Little Hate Machine” with Bob and Peter Rafelson.

“As we expand our company, there was only one choice for making genre movies — Warren Zide,” said Markovich.

Zide recently completed production on “Pool Boy” and the horror movie “Autopsy” and has “Final Destination 4″ in production.

“I now have $70 million to make movies, and my office is my cell phone,” Zide said. “I think it’s time to expand.”

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