NEW YORK Already a TV personality thanks to his frequent appearances on CNBC's Kudlow & Cramer show, Donny Deutsch is branching out into the movie business, a representative for the Deutsch chairman and CEO confirmed.
The executive this month inked a deal with Open City Films, a New York production company that will develop and produce independent movies through a new venture called Deutsch Open City, according to both parties. Terms were undisclosed.
The arrangement is a personal business venture for Donny Deutsch and completely separate from anything to do with his Interpublic Group agency, which has offices in New York and Marina del Rey, Calif., a rep said.
Jason Kliot and Joana Vicente, founders of Open City, said the three-year deal covers costs involving screenplay acquisitions and project development. They said the partnership gives them greater clout in competing for projects.
In a statement, Donny Deutsch said, "This is a tremendous business endeavor that will provide Open City with the financial freedom to consistently produce innovative and sophisticated films that achieve both critical and commercial success. I truly believe I could have found no better partners than Jason and Joanna. The combination of their cutting-edge artistic vision and my background and resources will help Open City reach new heights."
"Donny is a catalyzing business figure whose name is synonymous with creative intelligence and groundbreaking ideas," Kliot and Vicente said in a statement. "We are ecstatic to partner with an innovative leader like Deutsch and the development deal gives us the financial muscle to fully realize our creative potential. Working with Donny means that we can now shoot for the stars and we plan to. Donny is that rare visionary that sees how the investment of development money can come to fruition in the form of extraordinary projects."
Open City Films entered the film Coffee and Cigarettes in this week's Toronto Film Festival. The movie features Cate Blanchett, Bill Murray, and Steve Buscemi. It is in production on The Assassination of Richard Nixon, starring Sean Penn, Naomi Watts and Don Cheadle and helped produce The Guys, starring Sigourney Weaver and Anthony LaPaglia.