Mandalay Vision has made a two-year, $50 million financing pact with financier Prescience., Mandalay Pictures president Cathy Schulman announced Friday.
The deal will provide financing for up to six feature films.
Schulman also announced that Matthew Rhodes (left) has been named Mandalay Vision's new president and that the independent film company will relocate to Los Angeles. Rhodes replaces Celine Rattray who announced this week that she and Trudie Styler are launching their own production and finance company, Maven Pictures.
Projects under the new deal will be greenlit and jointly financed by Mandalay Vision and Prescience. Budgets are expected to range between $5 to $15 million with the majority of the production financing being provided by Prescience.
Ealing Metro, a new company formed by Prescience and Ealing Studios, has an option to handle international sales on movies financed under the deal.
Mandalay scored a recent hit with the low-budget drama "Soul Surfer," which grossed $37.4 million domestically, and recently sold "Salvation Boulevard" to IFC.
Mandalay Vision is Mandalay Pictures' independent development, production and financing label.
Rhodes made his name as the producer of such films as Richard Kelly's "Southland Tales" and the Robert Redford vehicle "An Unfinished Life."
Mandalay Pictures is a division of Mandalay Entertainment Group, and has a first look deal with Universal Pictures.
Peter Guber is chairman of Mandalay Pictures.
