Ben Affleck and Matt Damon Set Artists Equity Studio Launch with RedBird Capital Partners

Ben Affleck and Matt Damon are reuniting as business partners with the launch Artists Equity, a production venture backed by RedBird Capital Partners that vows to expand profit participation and provide a ‘talent-friendly’ environment to creatives.

Media investor Gerry Cardinale’s RedBird is said to have committed at least $100 million to funding the venture. Affleck will serve as CEO while Damon is chief content officer. Michael Joe, an alum of Universal Pictures and STX Films, has signed on as chief operating officer.

“Artists Equity was conceived from Matt’s and my longtime passion for the art of storytelling and our
shared desire to help creators deliver on their vision, as we have been fortunate to do throughout our
careers,” Affleck said in a statement. “Our goal with Artists Equity is to build a creator-focused studio that can optimize the production process with shared participation in the commercial
success of projects. We are thrilled to partner with Gerry Cardinale and the RedBird team, who have a
long track record of building notable scaled platform businesses around unique IP. Matt and I are
looking forward to working together to empower the current and future creative minds in the
entertainment industry.”

Artists Equity’s first project is already in production, a still untitled drama that Affleck wrote and directed about the birth of Nike’s wildy popular Air Jordan sneaker brand. Damon stars as the Nike executive who landed the endorsement deal with Chicago Bulls superstar Michael Jordan. Artists Equity joins Amazon Studios, Skydance Sports and Mandalay Pictures as a producer on the film.

The partners said Artists Equity aims to release three projects in 2023 and a minimum of five projects annually thereafter. The New York Times first reported on the venture.

“Historically, the success of a film was based on its box office performance. Now, with the rise of
streaming, the business behind filmmaking has intrinsically changed. However, Ben and I know that the
power will continue to be in the hands of the creators, no matter which direction the industry evolves,”
said Matt Damon, Chief Content Officer of Artists Equity. “Artists Equity enables these visionaries to
take ownership of their creative power, providing a platform for both established and emerging
filmmakers to streamline the development of their content. Ben and I are lucky to have worked with
some of the best in the business, and our partnership with Gerry Cardinale and the team at RedBird
continues us on that trajectory as we look to innovate and empower through the Artists Equity
platform.”

Matt Donnelly contributed to this report.

(Pictured: Matt Damon and Ben Affleck)

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