Film director Daniel Adams and Nashville music producer Michael Flanders have teamed up to create Spiderworx Media, a $50 million fund to produce theatrical motion pictures over the next several years.

“An L.A. Minute,” co-written by Adams and former National Lampoon and High Times editor-in-chief, Larry “Ratso” Sloman, will be Adams’ first film to under the partnership. The pic is a “satirical look at fame, success, the star-making machinery and the karma that attaches to all those who worship at the altar of celebrity,” according to Adams.

Adams served 21 months in Massachusetts state prison for inflating expenses to obtain production tax credits on “The Lightkeepers,” starring Richard Dreyfuss and Blythe Danner, and “The Golden Boys,” starring David Carradine. He was released in 2013.

“L.A. Minute” will be for sale at Cannes. Spiderworx recently signed a deal with Hyde Park International, a division of Ashok Amritraj’s Hyde Park Entertainment Group, to exclusively represent international sales.

“We are fully financing all of our films and are now actively making offers to actors for ‘An L.A. Minute’  and are looking forward to creating a full slate of films,” Flanders said.

The entity will also serve as a music publisher and P&A fund. Flanders — the former head of A&R of Arctic/BMG Australia — will produce every project.

Adams will direct most of the projects, but will occasionally step back and hire other directors. Harris Tulchin (“The Devil’s Double”) has been appointed legal and business affairs counsel to Spiderworx and will serve as a producer on each project as well.

Addams also directed “A Fool and His Money,” starring Sandra Bullock; “The Mouse,” with John Savage; and “Primary Motive,” toplined by Judd Nelson.