RSub Buying Majority Interest in Stipe Firm

RSub, an affiliate of Web site designer Razorfish and its founders, said it is buying a majority interest in the production company of R.E.M. lead singer and film producer Michael Stipe.

The agreement, believed to be valued at around $5 million, will provide Stipe’s Self Timer with a film development fund. Stipe in turn is expected to create Internet content for RSub’s site.

Self Timer is the parent company for two Stipe companies, Single Cell Pictures and C-Hundred Film Corp. Stipe and Single Cell produced last year’s critical hit “Being John Malkovich.”