Miramax
By Joshua Meyer/Nov. 21, 2022 7:28 am EST
After reuniting onscreen last year in Ridley Scott’s “The Last Duel,” Ben Affleck and Matt Damon are ready to embark on a new entrepreneurial phase in their careers by heading up their own production company. Per The Wrap, Affleck and Damon will serve as the chief executive officer (CEO) and chief creative officer (CCO) of the new independent film studio, Artists Equity.
Affleck and Damon are reportedly teaming with business leader Gerry Cardinale and his investment firm RedBird Capital Partners to make Artists Equity a profit-sharing venture for “established and emerging filmmakers” and all production hands. The L.A.-based company will enlist Michael Joe, a one-time exec at Universal Pictures and STX Films (the latter of which sold last year for $173 million), as the chief operating officer of Artists Equity. The studio’s first project is the forthcoming “Air Jordan,” the now-titled movie about the Nike shoe brand, which is already in post-production and which we reported on earlier this year. “Air Jordan” is directed by Affleck and co-written by him, Damon, and Alex Convery. Affleck and Damon are also co-starring with Viola Davis, Jason Bateman, Marlon Wayans, Chris Tucker, Chris Messina, and more. In a statement about Artists Equity, Affleck said:
“Artists Equity was conceived from Matt’s and my longtime passion for the art of storytelling and our shared desire to help creators deliver on their vision, as we have been fortunate to do throughout our careers. The entertainment industry is defined by great partnerships – writers, directors, producers, crew, actors – and throughout my career I have learned that collaboration is what drives success. Our goal with Artists Equity is to build a creator-focused studio that can optimize the production process with shared participation in the commercial success of projects.”
Affleck and Damon are reportedly teaming with business leader Gerry Cardinale and his investment firm RedBird Capital Partners to make Artists Equity a profit-sharing venture for “established and emerging filmmakers” and all production hands. The L.A.-based company will enlist Michael Joe, a one-time exec at Universal Pictures and STX Films (the latter of which sold last year for $173 million), as the chief operating officer of Artists Equity. The studio’s first project is the forthcoming “Air Jordan,” the now-titled movie about the Nike shoe brand, which is already in post-production and which we reported on earlier this year.
“Air Jordan” is directed by Affleck and co-written by him, Damon, and Alex Convery. Affleck and Damon are also co-starring with Viola Davis, Jason Bateman, Marlon Wayans, Chris Tucker, Chris Messina, and more. In a statement about Artists Equity, Affleck said:
“Artists Equity was conceived from Matt’s and my longtime passion for the art of storytelling and our shared desire to help creators deliver on their vision, as we have been fortunate to do throughout our careers. The entertainment industry is defined by great partnerships – writers, directors, producers, crew, actors – and throughout my career I have learned that collaboration is what drives success. Our goal with Artists Equity is to build a creator-focused studio that can optimize the production process with shared participation in the commercial success of projects.”
Good Will Producing through Artists Equity
Cardinale has also described Artist Equity as an investment in line with RedBird’s history of building “intellectual property monetization platforms.” Beyond the business language, it sounds like Affleck and Damon are going back to their “Project Greenlight” roots with Artists Equity in the hopes of enabling other creatives to tell stories.
“Historically, the success of a film was based on its box office performance. Now, with the rise of streaming, the business behind filmmaking has intrinsically changed. However, Ben and I know that the power will continue to be in the hands of the creators, no matter which direction the industry evolves. Artists Equity enables these visionaries to take ownership of their creative power, providing a platform for both established and emerging filmmakers to streamline the development of their content.”
