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LOS ANGELES (AP) - Two divisions of media conglomerate Time Warner Inc. have formed a joint venture to produce and market low-budget, edgy independent films.
Home Box Office, Time Warner's pay television arm, and New Line Cinema, the production company behind "The Lord of the Rings" films, have acquired the theatrical distribution arm of Newmarket Entertainment Group and hired Newmarket Films President Bob Berney to run the new, as yet unnamed, company.
HBO and New Line have also agreed to jointly fund a new slate of "modestly budgeted" films to be released by the new company.
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