BET founder will release comedies about Blacks

Jet, July 31, 2006

Robert L. Johnson, founder of Black Entertainment Television, and the founders of independent-film giant, Miramax, are joining together to form a movie company to distribute family comedies featuring Black characters.

RLJ Cos. LLC and the Weinstein Co. reported recently they will launch Our Stories Films to produce and acquire the Black-oriented movies.

Johnson, founder of RLJ and BET and majority owner of the NBA's Charlotte Bobcats, will oversee the film venture. The movies will be distributed by Dimension Films, a unit of the Weinstein Co., formed last year by Harvey and Bob Weinstein after they departed their original movie outfit, Disney-owned Miramax.

The company's DVD releases will be distributed by Genius Products Inc., which also handles video distribution for Weinstein Co. titles.

Johnson has reportedly lined up $200 million in capital, including up to $175 million in financing from JP Morgan Chase.

"Never before has an African-American had green-light authority at a studio combined with this quality of financing and a distribution partner that has a proven track record in successful urban films," Johnson said.

The company expects to open for business within six months.