On January 15, 1991, Milchan and Regency, as well as Scriba & Deyle of Germany and Canal+ of France, formed a $600 million joint venture to finance 20 films in five years, all of which were to be distributed by Warner Bros. Arnon Milchan rebranded Regency International Pictures to Regency Enterprises. A subsidiary company, New Regency Productions, was also created.
In January 1991, a significant agreement was reached between Milchan and Regency, along with German companies Scriba & Deyle and French company Canal+, to invest $600 million in financing 20 films over five years, all of which would be distributed by Warner Bros. Arnon Milchan reorganized Regency International Pictures into Regency Enterprises, and also established New Regency Productions.