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The joint venture, titled 193, will be co-owned by Legendary and produce its own slate of films to sell as well as rep global distribution rights for titles.
By Erik Hayden
Executive Editor, Business
In its first big move of the new year, Legendary Entertainment is expanding to launch a standalone production and sales joint venture ahead of a slate of film markets in 2025.
Patrick Wachsberger, the former Summit/Lionsgate film chief and producer of Oscar best picture winner CODA, has inked a deal with Legendary CEO Josh Grode to launch a new shingle, titled 193, that will be co-owned by Legendary and produce its own slate of films to sell. That Wachsberger-led joint venture will also rep global distribution rights for films as well as early territory sales for features, Legendary said on Tuesday. (That 193 title refers to the number of territories available worldwide to sell films for release.)
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“I have known and worked with Patrick dating back to Summit Entertainment,” stated Grode. “We are excited to be partnering with him in this new stand-alone venture and know that 193 will be a leader in bringing top-quality films to markets around the world. This is an exciting moment for Legendary, as we continue to build on strong momentum and further diversify our film and TV portfolio.”
The partnership between 193 and Legendary will involve Wachsberger’s banner being able to leverage Legendary resources, including the studio’s Blair Rich-run marketing division, to bolster its production slate. The shingle launches ahead of the European Film Market, which runs from Feb. 13-23 concurrently with the 75th Berlin International Film Festival.
“I am thrilled to launch this new venture alongside Legendary, which has delivered many of the industry’s most compelling and successful films in recent years,” Wachsberger said. “Given the strong global demand for high-quality independent films, along with the input of Legendary’s world-class creative and production team, we are in a fantastic position for growth. 193 will bring exceptional stories from great filmmakers to audiences around the world.”
The pact with Wachsberger marks the latest move for Legendary after Grode and private equity giant Apollo Global Management led a buyout of Dalian Wanda Group’s stake in a deal unveiled last October. Wanda had purchased a $3.5 billion interest in the Dune and Godzilla producer back in 2016 when the deal market for China-Hollywood collaborations was near its peak.
In addition to 193, Wachsberger set up a TV banner in 2019 with Federation Studios titled Picture Perfect Federation. The Legendary deal release says the exec will continue working on projects that were developed for Federation Studios in addition to leading this new JV. Wachsberger has produced dozens of titles over thirty-plus years in the business, including Lionsgate franchises like Twilight and Hunger Games, as well as blockbusters like Mr. and Mrs. Smith.
The 193 deal marks a new front for Legendary in the indie production market space following its 2019 investment in film financier Library Pictures International, which is focused on lower-budget and local language titles and backed this year’s awards contender Emilia Pérez.
Legendary Pictures, led by Mary Parent, is readying a series of tentpoles including video game adaptations A Minecraft Movie and Street Fighter, Ryan Reynolds-Jason Momoa hybrid animation comedy Animal Friends and the untitled Alejandro G. Iñárritu film starring Tom Cruise.
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