Ben Affleck and Matt Damon set to launch independent production company

Ben Affleck and Matt Damon are set to launch Artists Equity, an independent production company, according to Variety.

The company is a production venture supported by RedBird Capital Partners that vows to expand profit participation and provide a “talent-friendly” environment to creatives.

Nearly $100 million in funding is promised by Media investor Gerry Cardinale’s RedBird in the venture.

The Batman star will act as CEO, while the Jason Bourne actor is a chief content officer. Michael Joe, an alum of Universal Pictures and STX Films, has been roped in as a chief operating officer.

“Artists Equity was conceived from Matt’s and my longtime passion for the art of storytelling and our shared desire to help creators deliver on their vision, as we have been fortunate to do throughout our careers,” Affleck said in a statement. “Our goal with Artists Equity is to build a creator-focused studio that can optimize the production process with shared participation in the commercial success of projects.

We are thrilled to partner with Gerry Cardinale and the RedBird team, who have a long track record of building notable scaled platform businesses around unique IP. Matt and I are looking forward to working together to empower the current and future creative minds in the entertainment industry.”