Milchan buys back Regency stake
Fox enjoys steady pipeline of films from partner
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For Regency Enterprises' Arnon Milchan, it means buying back a 25% stake in his company from Aussie media magnate James Packer. Milchan already owned a 55% share in the company that has spawned such films as "Mr. & Mrs. Smith." 20th Century Fox owns the remaining 20%, which it purchased in 1998 for $200 million.
Packer's father, the late Kerry Packer, bought into Regency in 1994 through his Nine Network Australia. Since then, the financing and production company has brought a wide spectrum of titles to the bigscreen, from the Oscar contender "L.A. Confidential" to lowbrow fare like "Freddy Got Fingered."
The move reflects Milchan's growing commitment to the film business -- a development at odds with reports that the mogul's interest in the movie business was waning.
That's good news for Fox, which enjoys a steady pipeline of pics from its on-the-lot partner.
Regency currently has 10 pics in various stages of production.
