According to Variety, the "Sixth Sense" filmmaker and Media Rights Capital are forming Night Chronicles, a financing/production partnership that hopes to generate three theatrical thrillers in a three-year period.
The trade paper says that Shyamalan won't write or direct the films, but he'll generate the basic ideas, recruit the screenwriters and directors and produce the films. MRC will finance and co-own the copyright along with Shyamalan.
In the early years of his career, Shyamalan frequently discussed a desire to get into at least partially self-financing his films in order to take an ownership stake in his brand. On the director's recent "The Happening," he worked a deal with India's UTV to gain a 25 percent ownership in the negative.
Although it became Shyamalan's third straight film to take a critical beating -- following "Lady in the Water" and "The Village" -- and suffered massive week-to-week drops in box office, "The Happening" still produced a $30 million opening, displaying the potency of the director's name on a movie poster. Made on a relatively low budget -- Variety says $50 million, while most publications reported just over $60 million -- "The Happening" will still end up taking in more than $150 million worldwide.
"Filmmakers have always been my inspiration," Shyamalan says in a statement to the trade. "Working with the next wave of innovative filmmakers will teach me many things that I can bring to my own writing/directing and give my stories the opportunity to be brought to the screen in a stunning way."
Up next for Shyamalan is a live-action adaptation of "The Last Airbender."