Ben Affleck and Matt Damon launch RedBird-backed production studio
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.