(NEW ORLEANS, LA) SEPT. 14 -Sam Nazarian's Los Angeles based Element Films and New Orleans based LIFT Films are partnering in a new motion picture production financing agreement with the potential total production outlay to exceed $200 million in the state of Louisiana.
The agreement will allow the two film companies to develop and fund the production of a minimum of eight, and as many as 15, motion pictures for theatrical distribution over the next three years. Under terms of the agreement, the projects will film only in Louisiana.
According to the Louisiana Governor's Office of Film and Television, it is the largest announcement of its kind.
"We've enjoyed great success in our partnership with the state of Louisiana and LIFT. Together we've managed a very prolific collaboration and look forward to expanding our relationship," said Element Films President Adam Rosenfelt."
"I am pleased that this deal will help ensure the Louisiana film industry's continued growth for years to come," said LIFT Productions COO Kimberly Anderson.
The deal was brokered for Element Films by Marc Schaberg, and for LIFT Films by Morris Bart.
Element has a long-standing relationship with the state of Louisiana, and has previously partnered with LIFT on many motion pictures filmed in the state, including the Element productions "Waiting," "Five Fingers," a drama starring Laurence Fishburne and Ryan Phillippe; the upcoming MGM release "Mr. Brooks," starring Costner, William Hurt and Demi Moore; "Freshman Orientation," starring John Goodman; "The Last Time," a comedic-drama currently in post production starring Michael Keaton and Brendon Fraser, and the genre pic "Evil Remains," starring Estella Warren.