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Fresh off the flop of My Super Ex Girlfriend, director Ivan Reitman convinces a financial backer to contribute $200 million to co-finance ten films over the next five years through his Montecito Picture Co. Producing partner Tom Pollock explains the economics of their hit-and-miss, mid-budgeted comedies: "The kinds of movies we make are in an exceptionally sweet spot in the studio system; we tend to make comedies at a price. When they work, like with Old School and Road Trip, they make a lot of money. When they don't, like Eurotrip, they don't lose much. From a Wall Street standpoint, that's a good risk." Here's to throwing shitty comedies against the wall and seeing what sticks! [Variety]
· Morgan Creek determines that a few more dollars might fall out of his pockets if they hold Ace Ventura's corpse by the ankles and give it a vigorous shake, then hires some writers to whip up a third installment centering around the pet detective's son. Given Jim Carrey's recent struggles getting a project off the ground, don't rule out the actor making a cameo as Ace and then finishing out the rest of the movie playing his own kid. [THR]
As the media wonders why Viacom didn't buy MySpace when it had the chance, rumors are circulating that Sumner Redstone ordered Tom Freston to go to San Francisco to make a deal, but Freston never went. Viacom calls the story "patently untrue," while also denying reports that CBS Corp. bully/rival Les Moonves sat on Freston's chest until Rupert Murdoch could complete his purchase of the social networking site. [Variety]
Fox wins Monday's 18-49 demographic with its two-hour finale of Hell's Kitchen. Your takeaway from this: The networks' summer reality series filler has mostly been used up, and it's nearly safe to start watching TV again. [THR]
The following is the title of an actual bass-fishing project now in development at Fox Atomic and not a joke about the next Will Ferrell movie: Fishing on the Edge: The Mike Iaconelli Story [Variety]