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Ben Affleck and Matt Damon launch RedBird-backed production studio

Nov 21, 2022
Ben Affleck and Matt Damon attend the red carpet of the movie "The Last Duel" during the 78th Venice International Film Festival on September 10, 2021 in Venice, Italy.

Matt Damon and Ben Affleck. Photo: Franco Origlia/Getty Images

Ben Affleck and Matt Damon announced the launch of Artists Equity, an independent production company, backed by a minimum of $100 million in financing from RedBird Capital.

Why it matters: The duo wants Hollywood filmmaking to be friendlier to artists through aspects like profit sharing, which has been muddied by the rise of streaming.

Details: The new celebrity-led production studio wants film crews — not just the actors and directors but also editors, costume designers and more — to benefit from a film's success.

  • "As streamers have proliferated, they have really ended back-end participation, and so this is partly an effort to try to recapture some of that value and share it in a way that's more equitable," Affleck told the New York Times.
  • Affleck will serve as CEO and Damon as chief content officer. Michael Joe, formerly of Universal Pictures and STX Films, will be COO.
  • RedBird Capital's Gerry Cardinale told NYT that his firm's investment is a "significant, nine-figure commitment, with the ability to scale over time.”

What's next: Artists Equity's first film is about the creation of the Air Jordan brand. Affleck directed. Both actors star.

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