The former CEO of Walt Disney Co Michael Eisner reached a deal with Universal Pictures to market and distribute movies developed and financed under Eisner's company Tornante Co.
"Michael Eisner has been a powerful creative force behind some of the world's greatest films and we're confident that with Tornante, he'll continue that tradition," Universal Pictures Chairman Adam Fogelson and Co-Chairman Donna Langley said in a joint statement.
Eisner spoke with Reuters and said he plans on financing the movies with $800 million raised through fundraising efforts. The fundraising started over the spring and will be broken down into $400 million of equity and $400 million of debt.
Eisner will be donating his own money into the partnership as well.
Companies like Morgan Stanley, JPMorgan, and Blackstone Group LP will be working with him Eisner said. He has yet to say what kind of movies will be produced by the company but one can guess it won't be similar to those made while he was head of Disney.
"I made about 400 movies with Disney and I figured that was enough," joked Eisner to Reuters. "I thought I'd try my hand working for another organization."
Tornante and Universal hope that with the new deal they will have a film in theatres by the end of 2013 or early 2014. Budgeting for the films has yet to be released as well, but Eisner has stated not to expect a big budget for any one film.
"I never did a $200 million or $250 million movie, that's not my kind of thing," Eisner said.
Eisner left Disney in 2005 after making it one of the most profitable companies world-wide. He quickly started Tornante Co which has only produced shows for the internet and occasionally for cable. Projects completed under Eisner's company include "The Booth at the End" for Hulu and "Little Women, BIG CARS" on AOL according to The New York Daily News.
"My goal is to have a good time and make films. Hopefully, it will be a success and out of that success will be some financial rewards," he said.
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