We wanted to establish a long-term relationship. Nothing in the arrangement gives him say. Minority interest will be reserved for key employees and may also be sold to consortium stations. Chief financial officer of the new subsidiary is Timothy Brennan, first v.p. of finance of Silver Screen Management, which backed a number of Walt Disney Co. pictures. Brennan and Schulberg, who developed the corporate plan for Playhouse Pictures, are charged with completing the company's financing.
Law heads the subsidiary as president and c.e.o.
Our key people will have more time to spend on films and will have to spend much less on scratching up money to put together films. The nature of the films probably will not change. With the renewal funds, Playhouse will deliver two more full seasons of nine programs. For the first five Playhouse Pictures films, PBS has acquired rights to television premieres, according to Chamberlin. Now PBS must wait about 18 months to air Playhouse films, Law said.