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UTA is diving into the content financing and production arena, setting a joint venture with Valence Media and MRC to develop TV series.
UTA will have a minority stake in the venture to be known as Civic Center Media. The focus will be on offering UTA clients the ability to tap into Civic Center’s resources to develop and package programming and to offer more generous ownership and profit participation stakes on the backend. UTA emphasized that it is a non-exclusive agreement, meaning that UTA will continue to work with other studios and Civic Center Media will seek opportunities with creative talent outside the UTA umbrella.
UTA - CEO - Jeremy - Zimmer - Decision
UTA CEO Jeremy Zimmer said the decision to partner with MRC, an established production banner, was more attractive than launching its own in-house production arm. WME parent company Endeavor has made a huge investment during the past year in expanding the Endeavor Content financing and distribution arm.
“As we looked at the landscape of potential partners and content models, our priority was to work with a studio that puts artists and creators first,” said Zimmer. “MRC shares our ‘artist first’ mentality and our belief that the time has come for a new business model that offers more creative control and ownership opportunities to artists. They have one of the best track records in our industry and will bring superb infrastructure and resources to the projects we create. As new distribution platforms fundamentally change the economics of our...
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