Ben Affleck and Matt Damon Launch Production Company: 'Collaboration Is What Drives Success'

Stephane Cardinale/Corbis via Getty Matt Damon, Ben Affleck

Ben Affleck and Matt Damon are going into business together.

The actors announced Sunday that they are starting a production company called Artists Equity with RedBird Capital Partners. Affleck, 50, will be CEO of the Los Angeles–based company, while Damon, 52, will serve as chief creative officer. Michael Joe, the former COO of STX Films and former executive vice president of Universal Pictures, will be chief operating officer.

Affleck said in a press release, "Artists Equity was conceived from Matt's and my longtime passion for the art of storytelling and our shared desire to help creators deliver on their vision, as we have been fortunate to do throughout our careers."

"The entertainment industry is defined by great partnerships — writers, directors, producers, crew, actors — and throughout my career I have learned that collaboration is what drives success," he added. "Our goal with Artists Equity is to build a creator-focused studio that can optimize the production process with shared participation in the commercial success of projects."

Affleck added that he and Damon are "looking forward to working together to empower the current and future creative minds in the entertainment industry."

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Todd Williamson/Getty Matt Damon and Ben Affleck

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Said Damon in a statement, "Historically, the success of a film was based on its box office performance. Now, with the rise of streaming, the business behind filmmaking has intrinsically changed. However, Ben and I know that the power will continue to be in the hands of the creators, no matter which direction the industry evolves."

"Artists Equity enables these visionaries to take ownership of their creative power, providing a platform for both established and emerging filmmakers to streamline the development of their content," he continued.

Affleck and Damon won the Best Original Screenplay Oscar back in 1998 for writing Good Will Hunting together, which they also starred in. Affleck has directed films like The Town, Live By Night and Argo, which won Best Picture in 2013. Damon and Affleck recently co-starred together in last year's The Last Duel.

They're currently working on a sports drama about Nike's journey to inking its blockbuster deal with Michael Jordan. The movie, which also stars Viola Davis, is directed by Affleck. It's expected to be Artists Equity's first release, out next year.

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Affleck told The New York Times about taking on the new endeavor, revealing that he's had "people sort of pull me aside and say, you know, that this is going to be a lot of pressure, a lot of work.

"And there was part of me, I have to admit, that was like, 'Come on, these studio guys sit behind desks and make phone calls," he said. "The artists are the ones who have to go off and actually make the movie and do all the work.' I have already been humbled. But my only regret is that I didn't have the sense of self to try this earlier. Now I feel very ready to do it. I'm right at that period of life where you have enough experience and confidence and self-assuredness."