"Paranormal Activity" writer-director Oren Peli and producer Jason Blum spent $11,000 to create an underground hit that has conjured up comparisons to the word-of-mouth blockbuster "The Blair Witch Project."
Imagine what they will do when they start production next week on their new project, made with the comparatively scary budget of $5 million!
The duo has locked in funding for "Area 51," which will employ the "found footage" narrative structure featured in "Paranormal Activity," a film which Paramount Pictures will broaden from midnight screenings to round-the-clock showings in 40 cities beginning this Friday.
The new pic involves three teens whose curiosity leads them to the notorious Area 51 Air Force base in the Nevada desert.
Funding comes from Aramid Entertainment Fund and Incentive Filmed Entertainment. IM Global will handle worldwide sales while CAA will shop a domestic deal.
Blum produces through his Blumhouse Productions banner, and Room 101s Steven Scnheider and IM Global topper Stuart Ford are executive producers.
"Id rather not say anything about Area 51 except that I am very pleased to be working with the same team who stood by me for the two or three years it took `Paranormal Activity to get into theaters, Peli said.
David Molner, chairman of Incentive and Aramid Capital Partners, found the new project irresistible.
Everyone looks for a franchise, and we really think Incentive has found its first one in this new property from Oren and Jason, Molner told Daily Variety. These are two first-class talents.
