Fledgling film company Solar Pictures has closed its first alliance, a multi-year, multi-territory output agreement with Italia Film covering the Middle East, Turkey, Greece, Cyprus, India, Nepal, Pakistan, Sri Lanka, Bangladesh, Bhutan and Maldives.
Move comes less than a year after Solar launched with the goal of producing four to five movies a year with budgets up to $40 million.
Solar CEO Christopher Taylor said, “This is an important strategic partnership for Solar and a key first step in our quest to solidify distribution partnerships in territories worldwide as we expand our slate.”
Los Angeles-based Solar announced in October that it had closed deals to finance and produce several movies including “Jet Black” and “The Girl Who Knew Too Much,” which will shoot this year.
Romanian billionaire Bobby Paunescu and former Comerica exec Jared Underwood are Solar’s principal investors and managing directors; it’s also backed by the New York-based Shu family and Edward Lawson Johnston, founder of London-based merchant bank LJ Group.
The deal with Italia was negotiated by Taylor and Karlin Connections’ Penny Karlin, who represents Italia.