LOS ANGELES, CA, MAY 13, 2011 - Alcon Entertainment has extended its long-term, expansive financing and distribution agreement with Warner Bros. Pictures through 2015, it was jointly announced today by Alcon co-founders and co-CEOs Andrew Kosove and Broderick Johnson, and Warner Bros. Pictures Group President Jeff Robinov.
The current pact between the two companies expires in 2013. As it has for the past 13 years, the agreement calls for Alcon to finance and produce three motion pictures per year for Warner Bros. to distribute either on a worldwide basis or solely in North America at Alcon's discretion.
Alcon will continue to develop, fully finance, produce, and ultimately assume all P&A expenses for its motion pictures. The Company will continue to work closely with Warner Bros.' marketing and distribution teams on each film. Alcon maintains full greenlight authority.
As part of this pact extension, Alcon has the option to develop, finance, and produce a slate of more modestly budgeted features not necessarily intended for distribution by Warner Bros., who will retain their first right of refusal. Until now, the Company has developed, financed, and produced motion pictures exclusively for Warner Bros. to distribute domestically and as well as internationally on a case-by-case basis.
States Jeff Robinov: "Warner Bros. has enjoyed an incredible relationship with Andrew, Broderick, and their entire team at Alcon over the years, and we look forward to continuing this tremendously successful partnership."
State Johnson and Kosove: "We greatly appreciate the support and loyalty that Jeff and the entire Warner Bros. team have shown Alcon throughout our long relationship with the studio. The opportunity to continue our collaboration with their team gives us confidence that we will be able to successfully execute this next phase of Alcon's business plan."
The deal was negotiated for Alcon by Scott Edel, Alcon's outside legal council at Loeb & Loeb; Scott Parish, Alcon's COO and CFO, and David Fierson, Alcon's Sr.VP of Business Affairs.
Alcon Entertainment co-founders and co-CEO's Andrew Kosove and Broderick Johnson founded the Company in 1997 with financial backing from Frederick W. Smith, the Founder, Chairman and Chief Executive Officer of FedEx. Alcon, which is named after a mythological archer and ally of Hercules, has financed, and/or co-financed/produced over 19 films, including "My Dog Skip," "Dude, Where's My Car?", "Insomnia," "Racing Stripes," the Academy Award nominated Best Picture "The Blind Side," which earned Sandra Bullock a Best Actress Oscar; "The Book of Eli," starring Denzel Washington and Gary Oldman; "Insomnia," starring Al Pacino, Robin Williams, and Hilary Swank and directed by Chris Nolan; "The Sisterhood of the Traveling Pants," and "P.S. I Love You," starring Hilary Swank, among many others. The Company's next release is "Dolphin Tale," a 3-D family film starring Morgan Freeman, Harry Connick Jr., Ashley Judd and Kris Kristofferson, scheduled for release on September 23, 2011. "Joyful Noise," a music driven comedy starring Queen Latifah and Dolly Parton, has also wrapped production and slated for release January 13, 2012. Earlier this year the Company released "Something Borrowed," based on New York Times bestselling author Emily Giffin's book, starring Kate Hudson, Ginnifer Goodwin and John Krasinski. All three films are released via Alcon's output deal with Warner Bros.