Magic Lantern Entertainment has concluded a $10 Million development funding arrangement with TF2 Ventures via its Innovation Entertainment label for up to 20 motion pictures to be selected by Magic Lantern/Innovation Pictures for production over the next three to five years; it was jointly announced by Magic Lantern Entertainment President Jeff Segal and TF2 Ventures Principal Jamison Stewart.
Press Release from Magic Lantern Ent.
Magic Lantern Entertainment has concluded a $10 Million development funding arrangement with TF2 Ventures via its Innovation Entertainment label for up to 20 motion pictures to be selected by Magic Lantern/Innovation Pictures for production over the next three to five years; it was jointly announced by Magic Lantern Entertainment President Jeff Segal and TF2 Ventures Principal Jamison Stewart.
The first of the films on the Magic Lantern/Innovation-TF2 slate is "Bad Kitty," a blended media/CGI animated comedy-adventure based on the popular feline character Heathcliff. Now in active pre-production with a target release in 2011, the script is being written by fourteen-time EmmyR Award-winning animation writer Tom Ruegger, and will feature an original song score, a well known voice cast, and very high production values.
"Our primary criteria will be that all of the films in our slate are 'pre-sold' in the market - a remake, sequel, adaptation of a book, comic book, graphic novel, musical play, video game, toy property, whatever," explained Segal. "The pre-sold quality of our titles mitigates our risk and jump-starts our marketing and promotional campaigns in support of each release."
"Our films are being produced within rational budgets," said Jack Crosby, Chairman of Magic Lantern/Innovation, "but will have the kind of quality, casting and original music generally seen only in films with much larger budgets. I have known the TF2 team for a number of years, and have found them to be totally reliable and methodical about everything they are doing. We hope to build a long-term relationship with TF2 and expand the venture into a wide range of films."
Speaking for TF2, Jamison Stewart commented, "Magic Lantern/Innovation fulfills all of our requirements for funding: a professional and experienced management team with great track records picking commercial titles."
TF2 co-manager Noel Tristan added, "We are very impressed with the MLE/Innovation team, headed by Jack Crosby, Segal and Steve Waterman, and have full confidence in their ability to pick the right titles and develop and produce films economically but with enduring quality."
"The TF2 Ventures' model is very simple and logical," said Stewart, "anchored in the basic premise that film investment does not have to be wildly speculative. If you work with the right people, who know what they're doing, have commercial titles and distribution, then risk can be controlled, if not totally eliminated," he added. "We're excited about 'Heathcliff' and think it's a strong title that will successfully launch our Magic Lantern/Innovation venture."
About TF2 VenturesBased in Austin, Texas, TF2 Ventures is an executive production fund dedicated to providing seed capital for premier film properties. The company is headed by principals Jamison Stewart, Noel Tristan, David Lee and Carlos Ortiz.
About Magic Lantern EntertainmentMagic Lantern Entertainment is a six year old kids and family entertainment studio founded and managed by experienced, professional executives from Universal, Warner Brothers, and Hanna-Barbera. Chairman, Jack Crosby, is former chairman of the Sundance Institute, one of the founders of Imagine Entertainment with Ron Howard and Brian Grazer, and a founding director of Orion Pictures. Segal was President of Universal Family Entertainment and Cartoon Studios, and board member/partner Steve Waterman is one of the executive producers of the "Alvin and the Chipmunks" and "Stuart Little" films.
Magic Lantern has been involved in an array of film, television and direct-to-video projects, and presently is in development on a slate of animated, live action and musical oriented motion pictures and direct-to-video feature length films. The principals of the Company have been involved with "The Land Before Time" direct-to-video program, which is one of the most successful made-for-video franchises in history, as well as a comedy mini-series for National Lampoon, and a number of live action and mixed media television properties. The company is presently working on several stereoscopic 3D CGI animated and mixed media motion pictures including a slate of musical films in association with a major composer and international distributor, and its Cartoon Classics slate of 10 direct-to-video CGI animated films, including "BOOTS: THE TRUE STORY OF PUSS IN BOOTS," and "HANSEL & GRETEL STRIKE BACK!"
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