Label moving to L.A., lands Prescience coin
Rhodes replaces Celine Rattray, who recently left the company to form Maven Pictures with “Snatch” producer Trudie Styler.
In addition, Mandalay Pictures has secured a new two-year, multipic financing deal with “The King’s Speech” financier Prescience, which will provide $50 million to finance a slate of up to six pics over the next two years, to be produced by Mandalay Vision.
Ealing Metro, the newly launched joint venture of Prescience and Ealing Studios, will have an option to handle international sales on all titles that fall under the deal. Those projects, ranging in budget from $5 million to $15 million, will be greenlit and jointly financed by Mandalay Vision and Prescience, which will provide the majority of coin.
“Cathy Schulman and the team at Mandalay have built a reputation for working with high-caliber filmmakers who have a unique vision and proven track record in the international marketplace,” said Tim Smith, Prescience managing director. “Mandalay’s sensibility and entrepreneurial business approach and profile in the U.S. is tremendous,” he added.
“At Mandalay Vision, we’re committed to encouraging and fortifying a thriving marketplace for independently financed film,” said Schulman. “In Prescience, we’ve found an elegant, high-quality partner with excellent taste.”
Rhodes is best known for producing indie films such as Robert Redford’s “An Unfinished Life,” Richard Kelly’s “Southland Tales” and David O. Russell’s upcoming “Nailed.” He founded Persistent Entertainment and, prior to that, worked for Scott Rudin.
“My career has been dedicated to working with visionaries in independent film,” said Rhodes. “Peter, Cathy and the Mandalay team are dedicated to making top-of-the-market independent films that stand out in the marketplace. I join them with great shared enthusiasm for the future of independent storytelling.”
In addition to a first-look deal for its projects with Universal Pictures, Mandalay Pictures recently announced a first-look production deal under which it gets first crack at projects from producer Richard Gladstein’s FilmColony.
Mandalay Vision’s “Soul Surfer” has grossed $35 million at the domestic box office. The company also sold its Sundance pics “Salvation Boulevard” to IFC and “Another Happy Day” to Phase 4 Films. Mandalay Vision is currently in post on Richard Linklater’s “Bernie,” which stars Jack Black, Matthew McConaughey and Shirley MacLaine.