RGM Media has sold the rights to Point Break 2 to production company Alcon Entertainment, which now plans to reboot the original 1991 surf-thriller.
RGM, a fledgling talent agent and production company, had spent at least $US3.8 million on the project, which has been delayed numerous times over several years. It recently valued its investment-to-date in Point Break 2 as a $1.7 million asset, according to its financial accounts.
Prior to its listing on the ASX last year, RGM Media said it expected to release Point Break 2 in US cinemas in early-2011. The film played a major role in the company's initial plans, with about $2.42 million of the $4 million it raised from shareholders assigned to produce the film.
At that time, the company was entitled to an executive production fee (of $US1 million) plus a 25 per cent equity share in any of the film's net profits.
RGM confirmed the deal in a statement this afternoon following an announcement overnight by Alcon co-founders and co-chief executive's Broderick Johnson and Andrew Kosove, published at Deadline.com. However, RGM has released no financial information about the transaction.
RGM Media executive director Devesh Chetty, who this week resigned as chief executive of the company, and Marloss Entertainment chairman John McMurrick, will serve as executive producers. (McMurrick and Chris Taylor also held the original rights alongside RGM, according to the statement.) Warner Bros will now distribute the film, replacing Lionsgate, which was due to distribute in late-2009.
"Securing this deal with Alcon is really great news for us," Chetty said in a statement. "The combination of Alcon, Warner Bros and the first-class producers delivers the opportunity for this exhilarating story to be told and seen worldwide."
Alcon has previously financed, co-financed or produced films such as Dude, Where's My Car, The Blind Side and The Book of Eli. It is also backing Ridley Scott's follow-up to 1982 sci-fi classic Blade Runner.
The statement says Point Break is being fast-tracked and will be seeking a director soon. Jeff Wadlow (Never Back Down) was last attached to the project as director.
The producers of the film are: Kosove, Johnson, Michael DeLuca, John Baldecchi, Chris Taylor and Kurt Wimmer, who also wrote the screenplay.
The original Point Break was directed by Kathryn Bigelow and starred Keanu Reeves and the late Patrick Swayze.
The reboot is set in the world of international extreme sports and also involves an undercover FBI agent infiltrating a criminal ring.