The international arms of Warner Bros. and Sony Pictures have inked a new distribution deal in Italy, where Warner Bros. will release Sony's films beginning in July.
The agreement will result in "substantial" cost savings for Sony, the company said.
Sony will also close its Rome office.
"We believe this decision is the smartest and most efficient way to continue serving theaters and audiences in Italy," Rory Bruer, president of worldwide distribution for Sony, said on Wednesday.
Here's the full release:
WARNER BROS. PICTURES INTERNATIONAL AND SONY PICTURES RELEASING INTERNATIONAL FORM STRATEGIC DISTRIBUTION DEAL IN ITALY
Warner Bros. Pictures International and Sony Pictures Releasing International have entered into a new distribution agreement in Italy, it was announced today by Rory Bruer, President of Worldwide Distribution for Sony Pictures Releasing and Veronika Kwan-Rubinek, President, Warner Bros. Pictures International Distribution. Under the terms of the agreement, Warner Bros. Pictures International will release Sony Pictures films in Italy beginning July 1, 2011.
This strategic agreement adds to the strong commercial relationships that Sony and Warner have formed with various companies around the world, including long standing arrangements between both companies in Portugal and Turkey.
The new distribution structure will result in substantial savings for SPRI, which will close its office in Rome. "We believe this decision is the smartest and most efficient way to continue serving theaters and audiences in Italy," said Bruer.
"We have a great working relationship with Sony through our existing ventures, and we are very excited to be distributing Sony’s product in Italy," Kwan-Rubinek said.
