Universal, Legendary agree on film production, co-finance in 5-year pact

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LOS ANGELES, July 10 (Xinhua) -- Universal Pictures and Legendary Entertainment will enter into a five-year contract on film production, co-financing and distribution, both companies announced on Wednesday.
"Comcast and NBCUniversal's global assets in film, television and theme parks offer Legendary unmatched breadth and opportunity to grow our business," said Legendary Entertainment Chairman and CEO Thomas Tull. "We are delighted to be in business with this exceptional team and look forward to a successful partnership."
Under the pact, Legendary will leverage Universal's film business, theme parks and the cross-promotional opportunities from NBCUniversal and Comcast assets. Universal will market, co-finance and distribute Legendary's films beginning in 2014.
"Legendary has demonstrated a keen ability to identify and acquire powerful fresh intellectual property based ideas, match them with strong filmmakers and turn them into blockbuster hits," said Comcast-owned Universal Pictures Chairman Adam Fogelson and Co-Chairman Donna Langley.
The deal serves as a big win for Universal which, after a strings of box-office flops, ushered in a period when a succession of tentpoles turned market darlings including "Fast & Furious 6,"" The Purge" and "Despicable Me 2."
In doing so, Legendary will end its eight-year pack with Warner Bros. The latter, one of Hollywood's most stable players, had a series of setbacks recently.
Under the deal, Universal will also be able to collaborate with Legendary on projects in China due to the latter's deal with China Film Group, the companies said