Ben Affleck and Matt Damon announce plans to start new production company, Artists Equity

and Matt Damon are teaming up to start their independent production company, Artists Equity, they announced on Sunday.

Affleck will serve as the company's chief executive while Damon will become chief creative officer. According to Affleck, Damon will star in and produce a number of films exclusively for Artists Equity. There are several films on the horizon for the newly formed company. Affleck told the outlet that three projects are expected to be released next year and their goal is to release five every year.

Affleck and Damon both have a list of accolades in the entertainment industry in their own right and as a team. One of the pair's most famous and successful projects was thea film they both starred in and wrote together. The two got an Oscar for best writing, screenplay written directly for the screen, for the movie. Affleck won a second Oscar in 2013 for best motion picture of the year for the 2012 movie "Argo.

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