BET Breeds New Company

July 14, 2006

The founder of the Black Entertainment Television and the brothers who started Miramax are teaming up to form a new company to distribute family comedies centered on black characters.

BET is a continually growing franchise that has taken advantage of the continued lack of African-Americans on television. Kudos to them for their perseverance; it will surely lead them to even greater success.

(No word on whether they’re looking at Mr. T’s new show -- see story above.)

The name is not the most original, but we have hope that the final products will be.

Our Stories Films is a co-production between Robert L. Johnson, founder of RLJ and BET and owner of the NBA's Charlotte Bobcats, and Bob and Harvey Weinstein. Johnson will oversee the creation of the entertainment; then the brothers Weinstein's Dimension Films will distribute.

Johnson has lined up $200 million in capital, including up to $175 million in financing from JP Morgan Chase.

''Never before has an African-American had green-light authority at a studio combined with this quality of financing and a distribution partner that has a proven track record in successful urban films,'' Johnson said.

The company expects to open for business within six months.