Frank Price, a one-time television writer who later headed two major Hollywood film studios, will make movies once again for Coca-Cola Co., owner of Columbia Pictures, it was announced Wednesday. Price was Columbia's chief executive from 1979 to 1983.
This time around, the 57-year-old Price has signed to produce films under a three-year deal with Tri-Star Pictures, which is being merged with Columbia under a new umbrella firm, Columbia Pictures Entertainment.
Tri-Star described its arrangement with Price as a joint venture for development, production and distribution. It provides for Price and his new Price Entertainment Inc. to release six pictures a year through Tri-Star's distribution system, and Price is said to have a large measure of creative and business control.
Price, who spent three years at the helm of Universal Pictures before leaving 14 months ago, has been associated with the production of many major hits. They include multiple Academy Award winners "Kramer vs. Kramer" and "Gandhi" for Columbia and "Out of Africa" for Universal. Other successes at Columbia have included "Tootsie," "Ghostbusters" and "All That Jazz."