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SyFy Channel to Make Theatrical Movies Associated Press

"The channel, part of NBC Universal, said Wednesday it will join with sister company Universal Pictures to release one to two films a year with budgets between $5 million and $25 million starting in 2012. The joint venture will be called Syfy Films," the Associated Press reports.

According to the story, " 'First and foremost we're looking for new projects,' said Syfy president Dave Howe. 'A Bryan Singer blockbuster movie is not within the remit of this partnership.' "

Then, according to the article, Howe added that "there is plenty of opportunity to make sci-fi movies without resorting to huge budgets. He cited movies such as 'District 9,' ''Cloverfield,' ''Paranormal Activity, and 'Pan's Labyrinth,' as models. 'That's a level and quality of production values that is very achievable with what we're working with,' he said."