CAP CITIES TO CREATE TV STUDIO
NEW YORK — Capital Cities/ABC Inc. and the entertainment entity created by Steven Spielberg, Jeffrey Katzenberg and David Geffen are going into business together.
They have formed a partnership to create a new television studio to develop and produce a wide range of programming for all major distribution outlets. The new venture — which will produce programming for TV networks, cable services and original product for first-run syndication, as well as for other media — will be owned and financed equally by Capital Cities/ABC and Spielberg-Katzenberg-Geffen.
All parts of the broadcast day will be included: prime-time series as well as morning, daytime and fringe hours. Television movies and miniseries will also be produced.
The agreement was announced at the Capital Cities/ABC offices here by Robert A. Iger, president and chief operating officer of Capital Cities/ABC, and Spielberg, Katzenberg and Geffen.
“This is a significant step for our company, one that affords us the opportunity to accomplish an important goal: to own more programming,” said Iger.
All parties to the joint venture have committed for an initial seven-year period. The studio will be managed as a separate independent entity, with a senior executive overseeing day-to-day operations.
Capital Cities/ABC is the parent company of WWD.