Damon late of Media 8
Departing chairman-CEO hangs own shingle
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Damon's departure has been long rumored. Vice chairman Sammy Lee bought a 63% controlling stake in Media 8 in June 2002.
During the Cannes Film Festival, Lee said he wanted Media 8 to become a broader-based media company that would move into commercial, big-budget product as well as specialized releases (Daily Variety, May 15).
Damon will bring several Media 8 projects to his new shingle, including "Red Lips, White Lies," "Higher" and "16 Pleasures."
He's also producing "O Jerusalem," based on the bestselling novel. Elie Chouraqui ("Harrison's Flowers") directs the pic, which goes into production in Europe early next year.
Plan is to produce six to eight titles a year with budgets of $5 million-$40 million.
Damon's in negotiations with both domestic and foreign partners and hopes to close the deals in time for the upcoming American Film Market.
However, he said his as-yet-unnamed shingle won't have an official suite at the AFM. He also added that whether his foreign sales go inhouse or with an outside company, he won't be involved with sales day-to-day, as he has in the past.
"I have thoroughly enjoyed the job of running Media 8," Damon said. "But after 50 years in the business, it's time to focus on that part of the business I am most passionate about -- producing films."
In 1998, Damon's production and distribution shingle MDP joined forces with Canada's Behaviour Communications to form MDP Worldwide Entertainment. When Lee bought his majority stake, it became Media 8.
Damon produced "Monster," which earned Charlize Theron the actress Oscar, and upcoming New Line Cinema release "The Upside of Anger," which bows Dec. 29.
He also served as executive producer on the director's cut of "Das Boot" as well as lucrative Showtime series "The Red Shoe Diaries."
