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 $600 million partnership between Milchan and Regency, along with German's Scriba & Deyle and France's Canal+, was formed to finance 20 films within a five-year span, all of which would be released through Warner Bros. Arnon Milchan rebranded Regency International Pictures as Regency Enterprises, while also establishing New Regency Productions.