Boston (June 22, 2005) – ABRY Partners recently completed a
mezzanine investment in Legendary Pictures, a motion picture production
vehicle that has a multi-year, 25-picture agreement, subject to certain
provisions, with Warner Bros. Pictures. Legendary will be investing
approximately $500 million in a variety of films to be jointly produced
with and distributed by Warner Bros. Pictures. The slate under this
agreement will include a variety of films, among them major event
releases and pictures of varied genres. In addition to partnering on
Warner Bros. Pictures-developed projects, Legendary Pictures will
actively develop its own projects as a part of the 25-picture slate.
The Legendary management team includes:
Tull, Chairman and CEO of Legendary Pictures, has most recently been
president and a director of The Convex Group, a media and entertainment
Chris Lee, Legendary’s President, will manage
the relationship with Warner Bros. Pictures’ development teams. He is
the former head of production for TriStar Pictures and Columbia
Scott Mednick, Chief Marketing Officer of Legendary
Pictures, has been a leader in the entertainment, marketing and
technology sectors for the last 25 years. He has been involved in the
marketing for more than 170 films.
Larry Clark, COO and CFO of
Legendary Pictures, will oversee finances and day-to-day operations. He
was most recently CFO for Creative Artists Agency and, prior to that,
was Senior Vice President, Corporate Development, for Sony Pictures
William Fay, President of Physical Production for
Legendary Pictures, has produced or executive produced such films as
The Patriot, Godzilla and Independence Day.
ABRY Partners, based
in Boston, is one of the oldest and largest private equity funds in
North America investing exclusively in media and communications
companies. ABRY has over $7.0 billion of assets under management and
since 1989 has completed over $17.0 billion of leveraged transactions
in the media and communications industries.