Fox Filmed Entertainment (the parent of Twentieth Century Fox) and Walden Media announced a joint venture for the purpose of producing family films for all ages.
Walden Media, among whose successes includes The Chronicles of Narnia, will include all its future projects in the joint venture.
Fox Filmed Entertainment Chairmen and Chief Executive Officers Jim Gianopulos and Tom Rothman said in a joint statement: "We look forward to this new alliance with Walden Media, an industry leader and innovator in reaching family audiences. 'G' and 'PG'-rated pictures make up ten percent of films released, but they dominate the marketplace with almost 30 percent of the gross. It's a great business to be in -- and this venture is a great fit between our two companies."
While Walden will keep its own identity, the venture will have its own marketing, publicity and promotions staff.
Mr. Magorium's Wonder Emporium, The Dark is Rising, and City of Ember are three films already under the umbrella of the new venture.
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