Former Lionsgate executive Erik Feig gets Warner Bros. backing for new company

Feig, 48, was previously president of Santa Monica studio Lionsgate’s motion picture group, where he oversaw production of young adult franchises including “The Twilight Saga” and “The Hunger Games” and championed the acclaimed hit musical “La La Land.

“Creating a company that focuses on working with groundbreaking and innovative artists to tell transformative stories is something I am passionate about on a creative and business level,” he said in a statement. As part of the deal with Picturestart, Warner Bros. will have first right of refusal to co-develop, co-finance and distribute Feig’s movies. Picturestart aims to produce four to six films a year, in addition to four to six TV series.Feig expects to soon have 18 employees, up from his current staff of 13. Additional investors include broadcaster Nordic Entertainment Group and Vancouver, Canada-based financier and producer Bron Studios.

Launching a production company is a common move for former studio heads looking for a second act in Hollywood. Warner Bros. recently invested in Spyglass Media Group, which is run byProducers, including ex-studio veterans, have plenty of opportunities now that entertainment giants are looking for more content to compete with streaming services such as Netflix, which are inking rich deals with big-name talent.

Former Sony Pictures movies head Amy Pascal on Wednesday moved her production company to Universal Pictures. She stepped down from her executive role at Sony in 2015 and took a production deal with the Culver City studio, producing films such as “

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How are they defining 'youth-oriented'? I mean, I know some 50 year-olds who are pretty 'youth-oriented'. Also, a prequel to Grease? Really?

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