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{{Short description|American film and television production company}} |
{{Short description|American film and television production company}} |
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{{Notability|date=November 2023}} |
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'''PalmStar Media Capital''' is a film financing company based in [[Philadelphia]]. It was founded by its CEO, |
'''PalmStar Media Capital''' is a film financing company based in [[Philadelphia]]. It was founded by its CEO, Kevin Frakes in 2010.<ref name="Aug2015THR" /> |
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== History == |
== History == |
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PalmStar Entertainment was co-founded in 2004 by Kevin Frakes and Stephan Paternot. |
PalmStar Entertainment was co-founded in 2004 by Kevin Frakes and Stephan Paternot. In 2010, Frakes co-founded PalmStar Media Capital with Peggy Taylor<ref>{{cite web|title=Kevin Frakes - Producer|url=http://www.focusfeatures.com/film/term_life/castncrew/+/member/kevin_frakes|publisher=Focus Features|access-date=February 5, 2016}}</ref> and Frank Pollifrone to focus on financing films.<ref>{{cite web |url=https://variety.com/2010/film/markets-festivals/zellweger-ready-for-pillage-1118020021/ |title=Zellweger ready for 'Pillage' |first=Dave |last=McNary |date=June 1, 2010 |website=[[Variety (magazine)|Variety]]}}</ref> In July 2017, PalmStar Media purchased all the assets of [[National Lampoon, Inc.]], including trademark and library of print, audio, movie, and video content.<ref>{{cite news | last=Fleming | first=Mike Jr | date=July 24, 2017 | title=PalmStar Media Closes Near $12M National Lampoon Deal; Can Laugh Brand Regain Luster? | work=[[Deadline Hollywood]] | url=https://deadline.com/2017/07/national-lampoon-acquisition-palmstar-media-12-million-dollar-deal-revive-humor-brand-1202134623/ | access-date=July 25, 2017}}</ref> |
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In 2014, PalmStar filed a breach of contract lawsuit against Zero Gravity Management over the casting of [[Ben Affleck]] in ''[[The Accountant (2016 film)|The Accountant]]'', alleging that it shut PalmStar out of the production against a co-production agreement.<ref>{{cite news |last=Gardner |first=Eriq |date=2014 |title=Ben Affleck at Center of Legal War |work=[[The Hollywood Reporter]] |url=https://www.hollywoodreporter.com/business/business-news/ben-affleck-at-center-legal-739505/ |access-date=July 25, 2017}}</ref><ref>{{Cite news |last=Reynolds |first=Matt |date=October 10, 2014 |title=Angel Sues Over Affleck's 'Accountant' Movie |work=Courthouse News Service |url=https://www.courthousenews.com/angel-sues-over-afflecks-accountant-movie/}}</ref> |
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| ⚫ | In 2016, PalmStar purchased the film rights of the [[Paulo Coelho]] novel [[The Alchemist (novel)|The Alchemist]] for $6.5 million.<ref>{{cite news | last=Fleming |
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| ⚫ | In 2016, PalmStar purchased the film rights of the [[Paulo Coelho]] novel [[The Alchemist (novel)|''The Alchemist'']] for $6.5 million.<ref>{{cite news | last=Fleming | first=Mike Jr. | date=2016 | title=PalmStar Media Commits $6.5M for Paulo Coehlo Novel The Alchemist | work=[[Deadline Hollywood]] | url=https://deadline.com/2016/09/the-alchemist-paulo-coelho-palmstar-media-kevin-frakes-1201817691/ | access-date=September 12, 2016}}</ref> Initially, shooting was to begin in September 2021,<ref>{{cite news | last=Fleming | first=Mike Jr. | date=2021 | title=Paulo Coehlo's The Alchemist Gets September Start Date| work=[[Deadline Hollywood|Deadline]] | url=https://deadline.com/2021/07/paulo-coelho-the-alchemist-movie-september-morocco-sebastian-de-souza-tom-hollander-shohreh-aghdashloo-1234788652/ | access-date=July 25, 2017}}</ref> but in July 2021, ''The Hollywood Reporter'' announced that the movie adaptation had fallen apart.<ref>{{cite news |last=Galuppo |first=Mia |date=July 8, 2021 |title=Alchemist Falls Apart Again |work=[[The Hollywood Reporter]] |url=https://www.hollywoodreporter.com/movies/movie-news/the-alchemist-movie-falls-apart-1234982956/ |access-date=August 12, 2023}}</ref> [[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.<ref>{{Cite web |last=D'Alessandro |first=Anthony |date=2023-10-03 |title=Legendary Takes Rights On 'The Alchemist' & Will Lead Development Of Pic With TriStar & PalmStar; Jack Thorne To Adapt |url=https://deadline.com/2023/10/the-alchemist-movie-legendary-tri-star-pictures-1235562511/ |access-date=2023-10-11 |website=Deadline |language=en-US}}</ref> |
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== Collaboration deals == |
== Collaboration deals == |
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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.<ref name="Oct2014V">{{cite news|last1=McNary|first1=Dave|title=PalmStar Media, Basil Iwanyk's Thunder Road Set $200 Million in Annual Financing Deal|url=https://variety.com/2014/film/finance/palmstar-media-basil-iwanyk-thunder-road-financing-1201336820/|access-date=February 5, 2016|work=[[Variety (magazine)|Variety]]|date=October 22, 2014}}</ref> Thunder Road would use it to fully finance and produce five to six independent films from $20 to $50 million budget range per year.<ref name="Oct2014V" /> |
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.<ref name="Oct2014V">{{cite news|last1=McNary|first1=Dave|title=PalmStar Media, Basil Iwanyk's Thunder Road Set $200 Million in Annual Financing Deal|url=https://variety.com/2014/film/finance/palmstar-media-basil-iwanyk-thunder-road-financing-1201336820/|access-date=February 5, 2016|work=[[Variety (magazine)|Variety]]|date=October 22, 2014}}</ref> Thunder Road would use it to fully finance and produce five to six independent films from $20 to $50 million budget range per year.<ref name="Oct2014V" /> |
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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.<ref>{{cite news|last=Fleming|first=Mike Jr|title=Dylan Sellers Sets Rivers Edge Films Shingle With PalmStar Media Backing|url=https://deadline.com/2015/02/dylan-sellers-rivers-edge-films-palmstar-media-1201377662/|access-date=February 5, 2016|work=[[Deadline Hollywood]]|date=February 20, 2015}}</ref> In August 2015, PalmStar signed a deal with [[Jeremy Renner]] and [[Don Handfield]]'s production company |
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.<ref>{{cite news|last=Fleming|first=Mike Jr|title=Dylan Sellers Sets Rivers Edge Films Shingle With PalmStar Media Backing|url=https://deadline.com/2015/02/dylan-sellers-rivers-edge-films-palmstar-media-1201377662/|access-date=February 5, 2016|work=[[Deadline Hollywood]]|date=February 20, 2015}}</ref> 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.<ref name="Aug2015THR">{{cite news|last1=Siegel|first1=Tatiana|title=Jeremy Renner Inks Multi-Year Producing Deal With PalmStar Media (Exclusive)|url=https://www.hollywoodreporter.com/news/jeremy-renner-inks-multi-year-819062|access-date=February 5, 2016|work=[[The Hollywood Reporter]]|date=August 31, 2015}}</ref> |
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PalmStar has also partnered with Anthony Bregman's [[Likely Story]] and Buddy Patrick's Windy Hill Pictures.<ref name="Aug2015THR" /> |
PalmStar has also partnered with Anthony Bregman's [[Likely Story]] and Buddy Patrick's Windy Hill Pictures.<ref name="Aug2015THR" /> |
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==Box Office Success== |
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In 2013, PalmStar financed [[The Frozen Ground]] which grossed $5.6M at the box office off of a $27M budget.<ref>{{cite news | last=Mojo | first=Box Office | date=2013 | title=The Frozen Ground Box Office Mojo | work=[[Box Office Mojo]] | url=https://www.boxofficemojo.com/release/rl3480388865/weekend/ | access-date=July 25, 2017}}</ref> In 2016, they financed [[Term Life]] starring [[Vince Vaughn]], which grossed $244k off of a $16M budget.<ref>{{cite news | last=Mojo | first=Box Office | date=2016 | title=Term Life Box Office Mojo | work=[[Box Office Mojo]] | url=https://www.boxofficemojo.com/release/rl3598681601/ | access-date=July 25, 2017}}</ref> In 2018, they financed [[The Catcher Was A Spy]] starring [[Paul Rudd]] which grossed $954k off of a $14M budget.<ref>{{cite news | last=Mojo | first=Box Office | date=2016 | title=Term Life Box Office Mojo | work=[[Box Office Mojo]] | url=https://www.boxofficemojo.com/release/rl3305408001/ | access-date=July 25, 2017}}</ref> |
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==Hereditary Final Cut Battle== |
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In 2018, PalmStar financed Ari Aster's film [[Hereditary (film)]]. In a 2022 Deadline article, producer Lars Knudsen claimed that Aster got into a battle with an unnamed financier over the final cut of the picture.<ref>{{cite news | last=Grobar | first=Matt | date=2023 | title=Beau is Afraid Producer Lars Knudsen On The Hereditary Final Cut Battle | work=[[Deadline Hollywood]] | url=https://deadline.com/2023/04/beau-is-afraid-interview-producer-lars-knudsen-ari-aster-1235321383/#comments | access-date=July 25, 2017}}</ref> Knudsen stated that the financier originally hired him. Kevin Frakes was revealed to be the financier in a different interview that Knudsen conducted with The Mandy Network.<ref>{{cite news | last=Collins | first=James | date=2018 | title=Hereditary Producer Lars Knudsen On His Career | work=[[Mandy.com|Mandy]] | url=https://www.mandy.com/us/news/hereditary-movie-producer-lars-knudsen | access-date=July 25, 2017}}</ref> |
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==Legal issues== |
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In 2014, PalmStar filed a tantalizing lawsuit, claiming that the casting of Ben Affleck in The Accountant was the result of a conspiracy that ended in the independent production company being cut out of the upcoming film. According to the complaint filed in Los Angeles Superior Court, PalmStar — represented by William Morris Endeavor — says it entered into a binding co-production agreement on September 10, 2014, for The Accountant with co-defendants Zero Gravity Management, its principal, Mark Williams, and Lynette Howell. The deal is said to have come after months of negotiation, ever since Williams allegedly submitted the screenplay for PalmStar's consideration. But it was not long before PalmStar was “cut loose” from the production, says the lawsuit, due to some alleged shenanigans by its own agents.<ref>{{cite news | last=Gardner | first=Eriq | date=2014 | title=Ben Affleck at Center of Legal War | work=[[The Hollywood Reporter]] | url=https://www.hollywoodreporter.com/business/business-news/ben-affleck-at-center-legal-739505/ | access-date=July 25, 2017}}</ref> |
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In 2018, PalmStar was sued by Rick Kaplan and Investigative Media Group Inc. This case was filed in New York County Courts, Supreme Court Civil Term located in Washington, New York. The Judge overseeing this case is Gerald Lebovits. |
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<ref>{{cite news | date=2018 | title=Investigative Media Group, Inc. et al v. PalmStar Media Capital LLC et al | work=[[UniCourt]] | url=https://unicourt.com/case/ny-sue1-investigative-media-group-inc-et-al-v-palmstar-media-capital-llc-et-al-1049444 | access-date=July 25, 2017}}</ref> |
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In 2020, Kevin Frakes sued National Lampoon's former president Evan Shapiro for fraud, alleging in New York federal court that he owes more than $3 million for surreptitiously funneling the company's intellectual property and money from deals with Quibi, Disney+ and Comedy Central Digital into companies he controls. Shapiro later claimed that Frakes bullied him out of a job. |
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<ref>{{cite news | date=2018 | title=Ex-Nat'l Lampoon Prez Claims Execs, Attys Bullied Him | work=[[Law360]] | url=https://www.law360.com/articles/1336406/ex-nat-l-lampoon-prez-claims-execs-attys-bullied-him | access-date=July 25, 2017}}</ref> |
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== References == |
== References == |
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Latest revision as of 04:21, 11 June 2024
 | The topic of this article may not meet Wikipedia's general notability guideline. (November 2023) |
PalmStar Media Capital is a film financing company based in Philadelphia. It was founded by its CEO, Kevin Frakes in 2010.[1]
History
[edit]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
[edit]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
[edit]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
[edit]- ^ 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.
- ^ "Kevin Frakes - Producer". Focus Features. Retrieved February 5, 2016.
- ^ McNary, Dave (June 1, 2010). "Zellweger ready for 'Pillage'". Variety.
- ^ 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.
- ^ Gardner, Eriq (2014). "Ben Affleck at Center of Legal War". The Hollywood Reporter. Retrieved July 25, 2017.
- ^ Reynolds, Matt (October 10, 2014). "Angel Sues Over Affleck's 'Accountant' Movie". Courthouse News Service.
- ^ Fleming, Mike Jr. (2016). "PalmStar Media Commits $6.5M for Paulo Coehlo Novel The Alchemist". Deadline Hollywood. Retrieved September 12, 2016.
- ^ Fleming, Mike Jr. (2021). "Paulo Coehlo's The Alchemist Gets September Start Date". Deadline. Retrieved July 25, 2017.
- ^ Galuppo, Mia (July 8, 2021). "Alchemist Falls Apart Again". The Hollywood Reporter. Retrieved August 12, 2023.
- ^ 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.
- ^ 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.
- ^ Fleming, Mike Jr (February 20, 2015). "Dylan Sellers Sets Rivers Edge Films Shingle With PalmStar Media Backing". Deadline Hollywood. Retrieved February 5, 2016.