The two largest movie theater chains in the country have started their own distribution company, and have named former Lionsgate executive Tom Ortenberg (pictured below) its CEO.

The company announced it will distribute about 10 movies per year. It expects to release its first film later this year.

TheWrap reported March 3 [5] that Ortenberg would head Open Road Films, which is a partnership between AMC Theatres and Regal Entertainment Group.

On Monday, the companies made it official.

"Regal and AMC are in a unique position to provide Open Road Films with strategic access to theatrical ehibition, enabling more great stories to reach the big screen," Amy E. Miles, Regal's CEO, said in a written statement. "Open Road Films will distribute these movies to theaters across the United States, playing them well beyond Regal and AMC's screens."

Ortenberg is former president, theatrical films, at Lionsgate. There, he oversaw the release of "Crash," "Monster's Ball," "3:10 to Yuma," "My Bloody Valentine 3-D," "The Forbidden Kingdom," "Open Water," "Hostel" and the Tyler Perry and Saw franchises.

In 2009, he was president of theatrical films at the Weinstein Company, where he worked on the marketing and distribution of Quentin Tarantino's "Inglourious Basterds."

More recently, he founded One Way Out Media, an entertainment consulting firm.

"Open Road Films will approach movie distribution with discipline, focus and innovation," Ortenberg said in a written statement. "With strong support from exhibition we will marrket and distribute wide-release motion pictures in an effective, cost-efficient manner, playing in all theater chains across the country."

Open Road Films is based in Los Angeles.