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EXCLUSIVE UPDATE: The deal is for these three movies: The Smurfs (Sony Pictures, which opens Friday), Men In Black 3 (Sony Pictures), and The Adventures Of Tintin (Paramount Pictures). I’ve learned that Jeff Sagansky of Winchester Capital closed financing for $150 million today. [Mea Culpa: I initially thought this was a deal with Harry Sloan and Jeff Sagansky because the pair recently announced Global Eagle Acquisition Corp. But this is unrelated.] Sagansky, the former CBS and Sony Pictures and Paxson and RHI exec, has come back to the movie biz in a big way with Winchester Capital Management co-founder Jean-Luc De Fanti. Movies that Sagansky and De Fanti co-financed through Winchester include The Men Who Stare at Goats and The Private Lives of Pippa Lee. Winchester also financed the third season of TNT TV drama Leverage and arranged a multi-picture financing deal for Luc Besson’s EuropaCorp.
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more dumb money
So I’m guessing this means Sony is getting away from its slate deal with Relativity?
Someone reply to my post please.
I believe that Sony have already suggested that they won’t be renewing their deal with Relativity. I imagine that we’ll see Sony make more of these types of deals in the future so they can keep chipping away at their annual budget to please the brass in Japan.
Between their ‘causal’ co-fi deal with MGM and having pictures financed by the likes of Reliance Big and Annapurna on their slate perhaps the spend happy Sony of old needs to tighten it’s purse strings.
Sony seem to be at a cross roads with their media division. There are many who see Sony shedding their film & TV divisions as soon as Howard Stringer is carted off and replaced with a younger man.
They also financed a great movie called THE KILLING ROOM that Jonathan Liebesman directed.
Things move fast; “never buy any green banana`s”
I’m sure it’s not his own money… because Sagansky is a smart guy and investing in Smurfs, Men in Black 3 (which, I hear, is still being rewritten though shooting is almost complete), and Tin Tin (the movie with the dead hooker stare) is a really dumb decision. I reckon he got a big commission for the deal. Pity the investors. Sony movies suck.
Great to have Jeff Sagansky back in the game. He’s the best. Brilliant, creative and savvy. Also a really nice guy.
Couldn’t agree more. Jeff Sagansky is incredibly talented. I don’t know how he has kept such a low profile in Hollywood.
So basically Winchester are throwing what, $50m, into the final budget of Men In Black 3. The budget on that is probably terrifying at this point.
That $50m probably barely covers the cost of the Smith brood’s entourage.
Congrats Jeff!!