Tri-Star Pictures formed a joint venture.

The New York-based motion picture company reached an agreement to co-finance the development of theatrical projects by the newly formed Chestnut Hill Productions over the next two years. Under the terms of the deal, Tri-Star has the right of first refusal on the projects and will finance the productions it accepts. Chestnut Hill is a private firm formed by Jeffrey Lurie, a member of the family that controls the largest block of stock of General Cinema Corp., the nation's largest movie theater chain.

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