Santa Monica independent studio Lions Gate Entertainment Corp. and Culver City production company OddLot Entertainment have signed a co-financing and distribution deal.
Under the agreement, announced Thursday, movies will be sourced from either company, while giving independent producer OddLot committed distribution from the studio.
Oddlot has produced such films as 2011’s “Drive.” The company was founded by Gigi Pritzker of the billionaire Pritzker family that owns the Hyatt Hotel Chain. She is the company’s chief executive.
Lions Gate and Oddlot have collaborated on films including “Ender’s Game,” which will be released in November. The first film to be released under the new agreement is an action comedy starring Johnny Depp.
Pritzker said she was happy to broaden the partnership.
“We’ve partnered with Lions Gate on a number of films over the past five years and we feel their entire team shares our entrepreneurial spirit and commitment to commercially exciting, star-driven films with global appeal,” Pritzker said in a statement.
Lions Gate shares closed down 83 cents, or 2.2 percent, to $34.45 in Thursday trading on the New York Stock Exchange, before the deal was announced. Shares were up four-tenths of a percent after hours.
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