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Universal extends financing alliance

September 25, 2008|From Times Staff and Wire Services

Universal Pictures and Relativity Media in West Hollywood extended their co-financing deal from 2011 to 2015 for about 75% of the studio's films.

Their existing $1.5-billion agreement, signed in February, covered 10 to 15 movies a year, among them the current hit "Mamma Mia!" and the latest film in the "Mummy" series.

With the extension, the total value of the deal is estimated at $2.5 billion to $3 billion. Universal, owned by NBC Universal, has the right to hold back certain titles to finance itself.

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