December 11, 2009
Fresh off its stunning "Paranormal Activity"
success -- a $15,000 thriller that has grossed more than $107 million
in its domestic release with little paid advertising -- Paramount
Pictures is set to launch a new production business for movies budgeted
at less than $100,000.
The as-yet-unnamed division plans to finance as many as 20
"micro-budget" movies annually starting in 2010, according to people
familiar with the studio's plans who spoke on condition of anonymity
because the formal announcement has not been made. A current Paramount
executive will run the business, but the selection has not yet been
revealed publicly. Funds for the movies -- no more than $2 million
total annually -- will be part of Paramount's existing production
budget. The division does not plan to acquire completed movies at film
festivals and markets. Click latimesblogs.latimes.com/entertainmentnewsbuzz/ for the whole story.
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