A consortium led by Australian billionaire James Packer and US director Brett Ratner has struck a reported $450 million co-financing deal with Warner Brothers to cover the production of 75 movies.
Casino mogul Packer said the multi-year arrangement with his investment vehicle RatPac-Dune Entertainment was effective immediately.
It covers upcoming releases including “Gravity” with George Clooney and Sandra Bullock, “Grudge Match” starring Robert de Niro and Sylvester Stallone as well as projects with Clint Eastwood (“Jersey Boys”) and Russell Crowe (“The Water Diviner”).
“This is certainly not the dumbest thing I’ve ever done. Whether it works perfectly is another question,” Packer told the Australian Financial Review on Tuesday, speaking about his new direction.
Since his father Kerry’s death in 2005, Packer has shifted the family business away from its traditional media operations and focused on creating Crown, a worldwide gambling empire.