Alcon Entertainment -- a startup indie with its own financing from FedEx chairman Frederick W. Smith -- has set up two greenlit projects with plans to make as many as three to four low-budget pics per year and one big-ticket feature with a budget of more than $50 million.
The company, founded last year by co-presidents Andrew A. Kosove and Broderick Johnson, will finance "My Dog Skip," a Southern drama based on a novella by Willie Morris, and "Lost and Found," written by and starring former "Saturday Night Live" star David Spade.
Both pics will be financed entirely by Alcon for less than $10 million each.
Additionally, the company has equity financing from Smith and credit lines from Smith's Memphis banks worth roughly $150 million in production financing over the next two years.
The company hopes to produce between eight and 10 pics over the next three years. But Alcon plans to either completely finance all of them or find co-venture partners.
Ideally, the company wants to partner with a studio on its projects, much in the same way as Beacon Pictures does with Universal, New Regency does with Fox and Mandalay Entertainment and Phoenix Pictures do with Sony.
"We're not in the business of making and auctioning films," said Kosove. "We are contributing equity to our films."
Broderick, 30, and Kosove, 27, met with Smith several years ago when they helped find distribution on a small indie pic he had financed. At the same time, the pair came up with a 200-page business plan to create a fully financed equity-based film company that would produce low-budget projects along with one or two $50 million-plus pics.
Smith was interested and OK'd the venture.
Now, the company has set up a slate of projects, with at least one set for distribution through Warner Bros.
"My Dog Skip," helmed by docu director Jay Russell, will be produced by Alcon with veteran producer Mark Johnson and his new partner John Lee Hancock. Warners is expected to distribute worldwide and put up prints and advertising costs, but the $5 million pic will be solely financed by Alcon.
"Lost and Found" will be produced by Alcon and Morrie Eisenman and Wayne Rice. It was originally scripted by Spade, J.B. Cook and Marc Meeks. Rice and Gina Goldman did a rewrite.
Another project Alcon has in development is "The Twelfth Man" in partnership with producer Steve Tisch. Vic Rakshani, Ron Budd and James Womer wrote the script.
In an effort to work with other experienced producers, Alcon set up a seven-figure fund with Tisch to seek out development material. "Twelfth Man" is the first project made possible by the fund.
Alcon also co-financed Russell Mulcahy's "Talos the Mummy," a remake of the Boris Karloff classic starring Jason Scott Lee, Shelley Duvall and Christopher Lee.
Said Kosove: "What Alcon has done is positioned itself as a company that brings financial resources and works with top producers. In our first year of operations, we're already working with Mark Johnson and Steve Tisch."
"We'll do as many as the material justifies," Broderick added. "We can do more than that. If we don't have the material, we'll do less than that."
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