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PalmStar Media Capital is a film financing company based in Philadelphia. It was founded by its CEO, Kevin Frakes in 2010.[1]

History

PalmStar Entertainment was co-founded in 2004 by Kevin Frakes and Stephan Paternot. In 2010, Frakes co-founded PalmStar Media Capital with Peggy Taylor[2] and Frank Pollifrone to focus on financing films.[3] In July 2017, PalmStar Media purchased all the assets of National Lampoon, Inc., including trademark and library of print, audio, movie, and video content.[4]

In 2014, PalmStar filed a breach of contract lawsuit against Zero Gravity Management over the casting of Ben Affleck in The Accountant, alleging that it shut PalmStar out of the production against a co-production agreement.[5][6]

The Alchemist

In 2016, PalmStar purchased the film rights of the Paulo Coelho novel The Alchemist for $6.5 million.[7] Initially, shooting was to begin in September 2021,[8] but in July 2021, The Hollywood Reporter announced that the movie adaptation had fallen apart.[9] Legendary Entertainment has acquired the TV, film and ancillary rights to the novel in October 2023 and intends to develop the film with Sony and PalmStar.[10]

Collaboration deals

In October 2014, PalmStar signed on a multi-year financing deal with Basil Iwanyk's Thunder Road Pictures, and according to this agreement, Thunder Road would get $200 million funds from PalmStar.[11] Thunder Road would use it to fully finance and produce five to six independent films from $20 to $50 million budget range per year.[11]

In February 2015, PalmStar signed on a deal with Dylan Sellers' Rivers Edge Films to handle all company's production and development costs, and together, PalmStar would finance four to five films for Rivers Edge with budgets between $20 million to $40 million.[12] In August 2015, PalmStar signed a deal with Jeremy Renner and Don Handfield's production company The Combine to finance two to three films per year.[1]

PalmStar has also partnered with Anthony Bregman's Likely Story and Buddy Patrick's Windy Hill Pictures.[1]

References

  1. ^ a b c Siegel, Tatiana (August 31, 2015). "Jeremy Renner Inks Multi-Year Producing Deal With PalmStar Media (Exclusive)". The Hollywood Reporter. Retrieved February 5, 2016.
  2. ^ "Kevin Frakes - Producer". Focus Features. Retrieved February 5, 2016.
  3. ^ McNary, Dave (June 1, 2010). "Zellweger ready for 'Pillage'". Variety.
  4. ^ Fleming, Mike Jr (July 24, 2017). "PalmStar Media Closes Near $12M National Lampoon Deal; Can Laugh Brand Regain Luster?". Deadline Hollywood. Retrieved July 25, 2017.
  5. ^ Gardner, Eriq (2014). "Ben Affleck at Center of Legal War". The Hollywood Reporter. Retrieved July 25, 2017.
  6. ^ Reynolds, Matt (October 10, 2014). "Angel Sues Over Affleck's 'Accountant' Movie". Courthouse News Service.
  7. ^ Fleming, Mike Jr. (2016). "PalmStar Media Commits $6.5M for Paulo Coehlo Novel The Alchemist". Deadline Hollywood. Retrieved September 12, 2016.
  8. ^ Fleming, Mike Jr. (2021). "Paulo Coehlo's The Alchemist Gets September Start Date". Deadline. Retrieved July 25, 2017.
  9. ^ Galuppo, Mia (July 8, 2021). "Alchemist Falls Apart Again". The Hollywood Reporter. Retrieved August 12, 2023.
  10. ^ D'Alessandro, Anthony (2023-10-03). "Legendary Takes Rights On 'The Alchemist' & Will Lead Development Of Pic With TriStar & PalmStar; Jack Thorne To Adapt". Deadline. Retrieved 2023-10-11.
  11. ^ a b McNary, Dave (October 22, 2014). "PalmStar Media, Basil Iwanyk's Thunder Road Set $200 Million in Annual Financing Deal". Variety. Retrieved February 5, 2016.
  12. ^ Fleming, Mike Jr (February 20, 2015). "Dylan Sellers Sets Rivers Edge Films Shingle With PalmStar Media Backing". Deadline Hollywood. Retrieved February 5, 2016.