Legendary Entertainment, the producer of “Dune,” is partnering with Oscar-winning “CODA” producer and veteran media executive Patrick Wachsberger on 193, a new stand-alone joint venture.
Wachsberger, who previously served as chairman of the Lionsgate Motion Picture Group, will lead 193 as CEO. The new company will be a global production and sales entity, focused on developing and producing its own slate of films. In a release announcing the venture, the company said it will work with third-party producers and financiers, and will represent global distribution rights for completed films as well as provide capital for projects in their early stages of development and production. Legendary and Wachsberger will co-own the joint venture.
193 will immediately begin cultivating its slate. Additionally, Legendary’s Chief Marketing & Commercial Officer Blair Rich will oversee the marketing for 193 projects.
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Although best known for its work with blockbusters like “Dune” and “Godzilla,” Legendary has worked in the independent sales space. In 2019, it became one of the principal financial partners in Library Pictures International, a film financing entity focused on lower-budget films. Library Pictures’ recent titles include “Emilia Perez” and “I’m Still Here,” both of which are generating Oscar buzz.
In 2019, Wachsberger became partner and head of Picture Perfect Federation, a joint venture between Picture Perfect Entertainment and top international studio Federation Studios dedicated to developing and producing premium television content for the US and international markets. Prior to that, he joined Lionsgate in 2012, when it acquired Summit Entertainment, a leading independent film studio that was behind the “Twilight” franchise and “The Hurt Locker.”
“I have known and worked with Patrick dating back to Summit Entertainment,” said Grode. “We are excited to be partnering with him in this new stand-alone venture and know that 193 will be a leader in bringing top-quality films to markets around the world. This is an exciting moment for Legendary, as we continue to build on strong momentum and further diversify our film and TV portfolio.”
Wachsberger will continue to work on Picture Perfect Federation projects initiated during his tenure and look for opportunities for Federation Studios and 193 to work together on select international feature film and series projects going forward.
Wachsberger said, “I am thrilled to launch this new venture alongside Legendary, which has delivered many of the industry’s most compelling and successful films in recent years. Given the strong global demand for high-quality independent films, along with the input of Legendary’s world-class creative and production team, we are in a fantastic position for growth. 193 will bring exceptional stories from great filmmakers to audiences around the world.”
It’s been a time of change for Legendary. In October, the company bought out the equity stake held by Wanda Group, which it said will allow it to continue expanding its footprint and capitalize on the consolidation taking place in media. On the film front, Legendary scored with “Dune: Part Two” and “Godzilla X Kong: The New Empire.” Upcoming Legendary films include “A Minecraft Movie,” starring Jason Momoa and Jack Black, as well as an untitled Alejandro G. Iñárritu film starring Tom Cruise.