Copyright 2002 City News Service

[ July 12th 2002 ]

Mandalay Pictures entered into a multi-year financing and distribution agreement with Universal Pictures, it was announced today. The agreement continues Mandalay's position as an independent production conpany, "significantly providing for its financing overhead and development," according to a joint statement by Universal Pictures Production Presidents Mary Parent and Scott Stuber and Mandalay Entertainment Group Chairman Peter Guber.

Mandalay was founded and majority-owned by Guber and Vice Chairman Paul Schaeffer, with Lions Gate as a minority investor. "This partnership provides us with greater flexibility in financing and distribution, as well as increased interplay with the international market, which has been a significant area of achievement for us over the past eight and a half years," Guber said.

Mandalay's deal with Universal comes on the heels of a nearly five-year stint at Paramount, where they collaborated on such films as Tim Burton's Sleepy Hollow starring Johnny Depp, Enemy at the Gates and The Score. Serving Sara with Matthew Perry and Elizabeth Hurley is set for a late August release, while principal photography on Beyond Borders, starring Angelina Jolie and Clive Owen and directed by Martin Campbell, was just completed.

Prior to its five years at Paramount, Mandalay had an independent relationship with Sony that included its production and financing of Donnie Brasco; Seven Years in Tibet; Wild Things; and I Know What You Did Last Summer and its sequel.

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