PalmStar Media

PalmStar Media Capital is a film financing company based in Philadelphia. It was founded by its CEO, Kevin Frakes in 2010.[1]

History

PalmStar Entertainment was co-founded in 2004 by Kevin Frakes and Stephan Paternot. In 2010, Frakes co-founded PalmStar Media Capital with Peggy Taylor[2] and Frank Pollifrone to focus on financing films.[3] In July 2017, PalmStar Media purchased all the assets of National Lampoon, Inc., including trademark and library of print, audio, movie, and video content.[4]

In 2014, PalmStar filed a breach of contract lawsuit against Zero Gravity Management over the casting of Ben Affleck in The Accountant, alleging that it shut PalmStar out of the production against co-production agreement.[5][6]

In 2020, Kevin Frakes sued National Lampoon's former president Evan Shapiro for fraud, alleging in New York federal court that he owes more than $3 million for surreptitiously funneling the company's intellectual property and money from deals with Quibi, Disney+ and Comedy Central Digital into companies he controls. Shapiro later claimed that Frakes bullied him out of a job.[7]

The Alchemist

In 2016, PalmStar purchased the film rights of the Paulo Coelho novel The Alchemist for $6.5 million.[8] Initially, shooting was to begin in September 2021,[9] but in July 2021, The Hollywood Reporter announced that the movie adaptation had fallen apart.[10] Legend Entertainment has acquired the TV, film and ancillary rights to the novel in October 2023 and intends to develop the film with Sony and PalmStar.[11]

Collaboration deals

In October 2014, PalmStar signed on a multi-year financing deal with Basil Iwanyk's Thunder Road Pictures, and according to this agreement, Thunder Road would get $200 million funds from PalmStar.[12] Thunder Road would use it to fully finance and produce five to six independent films from $20 to $50 million budget range per year.[12]

In February 2015, PalmStar signed on a deal with Dylan Sellers' Rivers Edge Films to handle all company's production and development costs, and together, PalmStar would finance four to five films for Rivers Edge with budgets between $20 million to $40 million.[13] In August 2015, PalmStar signed a deal with Jeremy Renner and Don Handfield's production company The Combine to finance two to three films per year.[1]

PalmStar has also partnered with Anthony Bregman's Likely Story and Buddy Patrick's Windy Hill Pictures.[1]

References
  1. Siegel, Tatiana (August 31, 2015). "Jeremy Renner Inks Multi-Year Producing Deal With PalmStar Media (Exclusive)". The Hollywood Reporter. Retrieved February 5, 2016.
  2. "Kevin Frakes - Producer". Focus Features. Retrieved February 5, 2016.
  3. McNary, Dave (June 1, 2010). "Zellweger ready for 'Pillage'". Variety.
  4. Fleming, Mike Jr (July 24, 2017). "PalmStar Media Closes Near $12M National Lampoon Deal; Can Laugh Brand Regain Luster?". Deadline Hollywood. Retrieved July 25, 2017.
  5. Gardner, Eriq (2014). "Ben Affleck at Center of Legal War". The Hollywood Reporter. Retrieved July 25, 2017.
  6. Reynolds, Matt (October 10, 2014). "Angel Sues Over Affleck's 'Accountant' Movie". Courthouse News Service.
  7. "Ex-Nat'l Lampoon Prez Claims Execs, Attys Bullied Him". Law360. 2018. Retrieved July 25, 2017.
  8. Fleming, Mike Jr. (2016). "PalmStar Media Commits $6.5M for Paulo Coehlo Novel The Alchemist". Deadline Hollywood. Retrieved September 12, 2016.
  9. Fleming, Mike Jr. (2021). "Paulo Coehlo's The Alchemist Gets September Start Date". Deadline. Retrieved July 25, 2017.
  10. Galuppo, Mia (July 8, 2021). "Alchemist Falls Apart Again". The Hollywood Reporter. Retrieved August 12, 2023.
  11. D'Alessandro, Anthony (2023-10-03). "Legendary Takes Rights On 'The Alchemist' & Will Lead Development Of Pic With TriStar & PalmStar; Jack Thorne To Adapt". Deadline. Retrieved 2023-10-11.
  12. McNary, Dave (October 22, 2014). "PalmStar Media, Basil Iwanyk's Thunder Road Set $200 Million in Annual Financing Deal". Variety. Retrieved February 5, 2016.
  13. Fleming, Mike Jr (February 20, 2015). "Dylan Sellers Sets Rivers Edge Films Shingle With PalmStar Media Backing". Deadline Hollywood. Retrieved February 5, 2016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.