Adam Rosenfelt, the former president of Element Films, has launched a new financing and production company that expects to make three movies per year, TheWrap has learned.
Gambit Films will make commercial independent movies with budgets of less than $20 million, Rosenfelt told TheWrap on Friday.
Other principals at the firm are the former head of physical production at Element Brian Pitt, and equity partner Dylan Narang.
Rosenfelt intends to run Gambit the same way he ran Element.
That company produced the 2009 "Kill Theory," the 2007 "Mr. Brooks," the 2005 "Waiting" and others.
Rosenfelt, who produced "Kill Theory" and executive produced "Mr. Brooks," among other movies, has offices on the Paramount lot.
Element had a multipicture deal at Lionsgate. Rosenfelt's partner in Element was Sam Nazarian.
Gambit has a staff of five.