Fox Walden Absorbed By Murdoch

Walden Media and Fox Filmed Entertainment today announced the restructuring and streamlining of their Fox Walden joint venture.

Both Walden Media and Fox will continue to separately develop family films and will be able to offer one another the opportunity to co-finance and co-produce such films.

All such films will still be overseen by Fox Walden and distributed domestically by Fox, but the reconfigured joint venture will be housed within Fox rather than operating as a standalone entity. They originally were to provide 3-5 films a year to the studio – the new count may be slightly smaller.

The two companies reaffirmed their continuing relationship by partnering on the upcoming films “Tooth Fairy” and “Ramona.” Their previous films together include “The Seeker: The Dark is Rising,” “Mr. Magorium’s Wonder Emporium,” “Nim’s Island” and the upcoming “City of Ember.”

Jeffrey Godsick, the head of Fox Walden, will rejoin Fox as executive vice president of marketing and digital content and will also retain his Fox Walden title. He will continue to oversee the marketing of Fox Walden films by utilizing existing Fox marketing personnel and resources.

“Ramona” recounts the adventures of young Ramona Quimby, whose vivid imagination, boundless energy and accident-prone antics are the focus of the best-selling books (over 91 million…and counting) by Beverly Cleary. Casting on the film is underway.

Walden has come on board to partner on the Fox-originated “Tooth Fairy,” starring Dwayne Johnson, along with Ashley Judd, Stephen Merchant, Julie Andrews, Billy Crystal and skateboard phenomenon Ryan Sheckler. The film, which is currently in production, is directed by Michael Lembeck.