Graham King’s Initial Entertainment Group and newly launched Continental Pictures have inked a second-look pact whereby Continental can finance pics that fall outside of King’s deal with Warner Bros.
Continental and IEG arrangement is twofold; Initial will also handle sales for Continental films.
Continental Pictures is a subsid of Continental Entertainment Group, formed last month by film exec Colin Cotter and Citi.
Cotter serves as prexy-CEO of both the parent company and Continental Pictures. He remains a partner in IEG as well, having co-founded the company with King.
Under Continental’s deal with IEG, it can board and finance projects not picked up Warner Bros. under the studio’s first-look pact with King.
In its first year of operation, Continental Pictures plans to acquire 10-12 pics — a mix of Initial titles and outside projects.
Continental Pictures has its own credit line of abut $150 million with Citi.