SYDNEY – A consortium led by Australian billionaire James Packer and U.S. director Brett Ratner has struck a reported $450 million co-financing deal with Warner Bros. Entertainment to cover the production of 75 movies.
Casino mogul Packer said the multiyear arrangement with his investment vehicle, RatPac-Dune Entertainment, was effective immediately.
It covers upcoming releases including “Gravity” with George Clooney and Sandra Bullock, “Grudge Match” starring Robert de Niro and Sylvester Stallone as well as projects with Clint Eastwood (“Jersey Boys”) and Russell Crowe (“The Water Diviner”).
“This is certainly not the dumbest thing I’ve ever done. Whether it works perfectly is another question,” Packer told the Australian Financial Review on Tuesday, speaking about his new direction.
Packer operates casinos in Melbourne, Perth and Macau and is planning complexes in Manila and Sri Lanka, with Japan also in his sights.