Spyglass Entertainment Company

In a deal estimated to be worth $250 million, European media giants Kirch Group and Mediaset have agreed to invest for five years in films from newly formed Spyglass Entertainment. The two companies will receive theatrical, video and television rights to between 15 and 25 films for Germany, Italy, Spain, Poland and the former Soviet Union. Spyglass previously announced a deal with Walt Disney Co., which has domestic distribution rights to its films for the same period.

Spyglass Entertainment, the independent financier of the 1999 blockbuster "The Sixth Sense," has signed a deal to finance and produce movies with DreamWorks. Spyglass, formed in 1998 by co-Chairmen Gary Barber and Roger Birnbaum, was free to enter into the pact after the expiration of an exclusive production deal with Walt Disney Co., which still owns 10% of the company as one of its three equity partners. The nonexclusive pact allows Spyglass to take projects elsewhere if DreamWorks passes.

Spyglass Entertainment, the independent financier of the 1999 blockbuster "The Sixth Sense," has signed a deal to finance and produce movies with DreamWorks. Spyglass, formed in 1998 by co-Chairmen Gary Barber and Roger Birnbaum, was free to enter into the pact after the expiration of an exclusive production deal with Walt Disney Co., which still owns 10% of the company as one of its three equity partners. The nonexclusive pact allows Spyglass to take projects elsewhere if DreamWorks passes.

In a deal estimated to be worth $250 million, European media giants Kirch Group and Mediaset have agreed to invest for five years in films from newly formed Spyglass Entertainment. The two companies will receive theatrical, video and television rights to between 15 and 25 films for Germany, Italy, Spain, Poland and the former Soviet Union. Spyglass previously announced a deal with Walt Disney Co., which has domestic distribution rights to its films for the same period.