Time Inc.

New York, NY - Time Inc. announced today that it has established a development fund that would open the door to expanding its vast collection of content from brands like Sports Illustrated, TIME and Fortune into film projects.

The development fund is a partnership between Time Inc., Beverly Hills-based management and production company The Collective, and XYZ Films, a production company that finances rights acquisitions and script development. It presents a new business model through which Time Inc. can leverage its assets and archive rights to tell some of the world's greatest stories in the form of theatrical motion pictures and documentaries. Time Inc.'s story archives date back to 1923 with the first issue of TIME magazine. It also owns a photo archive with over 12 million images. Sports Illustrated's archive alone holds 150,000 stories and 500,000 photographs dating back to 1954.

"Time Inc. has been a significant and prolific storyteller over the past 80 years. There have been numerous films based on stories that first appeared in the pages of our magazines," said Paul Speaker, President of Time Inc. Studios, the production arm of Time Inc. "Now we're putting a structure in place where our brands will enjoy greater control over their content, generate additional revenue streams and expand the brand onto other platforms."

"I am thrilled that we continue to find new ways to leverage the great stories that have always appeared within the pages of Fortune, said Andy Serwer, managing editor of Fortune." This partnership gives the Fortune brand and all of Time Inc.'s brands one more channel to give our audience the deep-dive journalism that they expect."

The fund's first project has been selected: Breaking the Bank. In its April 14th issue, Sports Illustrated published a story by L. John Wertheim, "Breaking the Bank," about an Ultimate Fighting Champion named "Lightning Lee Murray" who in 2006 masterminded the largest cash heist in history.

"Time is the biggest untapped archive in the world with stories from the best writers of all time. Combining the archive with the current story flow of Time properties is very exciting. We look forward to making it a huge success," said Aaron Ray of The Collective.

"This partnership is about bringing the focus back to the stories. Distribution platforms, technology, and financing will continue to change. The need for great stories won't," said Nate Bolotin of XYZ films.

Time Inc. Studios, The Collective and XYZ will serve as the producers on this and other projects generated by the fund.

About Time Inc.

Time Inc., a Time Warner company, is one of the largest content companies in the world. With approximately 120 magazines, it is the largest magazine publisher in the U.S. and one of the largest in the U.K. and Mexico. Each month, one out of every two American adults reads a Time Inc. magazine, and one out of every 10 who are online visits a company web site (more than 26 million unique visitors). Time Inc.'s popular brands and successful franchises extend to online, television, cable VOD, satellite radio, mobile devices, events and branded products.

About The Collective

The Collective is a Beverly Hills-based management and production company that has packaged, produced and financed over 30 television shows and films to date. The company is currently Executive Producing the upcoming Michael Douglas headliner Beyond A Reasonable Doubt and Producing the New York Times Bestselling Tucker Max book I Hope They Serve Beer In Hell. On the management side, The Collective holds a diverse array of established entertainment clients including acclaimed actors like Emile Hirsch and Dennis Hopper, musicians such as Linkin Park and some of the world's most renowned comedic talents such as Martin Lawrence, Eddie Izzard and John Leguizamo.

About XYZ Films

XYZ Films is a production company that finances rights acquisitions, script development, and provides bridge lending. Partners Nate Bolotin, Nick Spicer, and Aram Tertzakian have an extensive background in development, production and international film sales. They have sold dozens of films at festivals throughout the world and packaged projects such as The Messenger (starring Ben Foster, Woody Harrelson and Samantha Morton). XYZ most recently produced the Spanish-language feature Love, Pain & Vice Versa, which will be released through Lionsgate in 2009. The company is also active in the unscripted television world, having developed series currently airing on Animal Planet, Comedy Central and VH1.