Open Road Films and Riverstone Pictures have struck a multi-picture production financing pact for all of Open Road’s own productions over the coming years, it was announced Tuesday by Open Road CEO Tom Ortenberg and Riverstone co-founders Deepak Nayar and Nik Bower.
The first film under the agreement will be Baran bo Odar’s remake of “Sleepless Night,” which stars Jamie Foxx and Michelle Monaghan and will shoot this summer in Atlanta and Las Vegas.
Two-to-four films each year are expected to fall under the deal, with each picture getting a wide domestic release via Open Road, with foreign sales handled by Open Road International and Film Nation.
Riverstone Pictures is a Reliance Entertainment company that is backed by Ingenious Media. It was formed in 2014 when it came on board to fund the “Genius” starring Colin Firth, Jude Law and Nicole Kidman.
Riverstone Pictures expects to finance eight-to-ten productions in the $10 million to $50 million budget range each year outside of its deal with Open Road.
“Open Road has quickly established itself as a major player in the domestic distribution market with excellent taste in material and a proven expertise in marketing and releasing their films. It was natural fit as a next step for Riverstone Pictures,” said Nayar.
“We are delighted to be in business with Riverstone Pictures, a company that combines heavyweight financing from major backers with an agile, entrepreneurial approach resonant of our own,” added Ortenberg.
The deal was negotiated by Open Road’s Ortenberg and Elliott Kleinberg and by Nayar and Bower for Riverstone Pictures.