A new production banner has entered the biz with an aim to make “genre-agnostic” movies for a sub-$10 million budget. Former PayPal executive Jack Selby has secured $50 million in financing for Incognito Pictures and has entered into a long-term distribution deal with The Weinstein Company. The ambitious business plan will allow for production of five or six films initially and expects to announce their first slate in February. Though horror films are normally in the under-$10 million category, Selby, with banner partner and producer Scott Stone look to “fill an underserved market of more modestly budgeted films with specialized content that appeals to audiences, both domestically and abroad.” Hit the jump to check out the press release.
The press release from Incognito Pictures follows below:
INCOGNITO PICTURES LAUNCHES
New Production Banner Secures $50 Million in Financing and
Signs Distribution Deal with The Weinstein Company
Los Angeles, CA January 23, 2012 – Incognito Pictures, led by ex-PayPal executive and financier Jack Selby, secured $50 million in financing to form Incognito Pictures, a production company focused on creating intelligent, genre-agnostic films with worldwide appeal. Incognito is launching with a long-term output deal with The Weinstein Company. Based in Los Angeles, Incognito Pictures financial model will enable an initial production slate of five to six films per year budgeted at $10M and below. The agreement with The Weinstein Company features distribution across all platforms, including foreign sales and domestic theatrical releases. Selby will serve as Chairman of the company and he is joined by Scott Stone, a veteran film producer who takes on the role of CEO of Incognito.
“What makes Incognito unique is that we have secured significant permanent capital which historically has been applied to films at higher price points. Instead, we have a unique opportunity to fill an underserved market of more modestly budgeted films with specialized content that appeals to audiences, both domestically and abroad. In addition, we are very pleased with our relationship with the Weinstein Company and our financial partners. They all share our vision and are committed to this venture,” said Selby and Stone.
“Incognito has a strong business and financial model as well as great taste in product. We are excited about the partnership and are looking forward to doing business with them,” said The Weinstein Company’s COO David Glasser.
Incognito Pictures initial slate of films is yet to be made public but they are expected to announce in February.