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We had the pleasure of sitting down with iconic independent film producer Gary Michael Walters. Walters is the man behind such memorable films as Whiplash, Drive and Nightcrawler. Most recently, Walters produced The Guilty with Jake Gyllenhaal starring and Antoine Fuqua directing for Netflix, and he was Emmy-nominated for Oslo for HBO. Walters just ended a twenty-year run as CEO of independent film studio Bold Films to found his own shop Walters Media Group.

You had a truly remarkable reign at Bold Films. How do you feel about leaving?

I had so many great experiences and such an incredible slate of projects. But ultimately, it was time to do my own thing. I need to be an owner-entrepreneur, not simply an employee. In some respect it’s risky to leave the feathered nest of a super wealthy backer, but I decided to bet on myself.

What can we look forward to from Walters Media Group? 

Feature films will probably remain my most active area, but I am also building several tv shows, as well as a musical play. I’m excited to branch out with a boutique management company for digital creators. Digital marketing based around talent is an explosive area of growth that intrigues me, and I am partnering with a major management company to expedite the growth of this division. As always, I remain passionate about creating smart, edgy projects that also have wide commercial appeal. I don’t make algorithmic entertainment. Mainstream mediocrity has no appeal to me.

What projects have you been working on?

I was fortunate to get an independent action film off the ground almost immediately after I started Walters Media Group. I worked with Film Bridge International and 50 Degrees Entertainment to co-finance Classified, a very fun film starring Aaron Eckhart, Tim Roth and Abigail Breslin. The film is currently in post-production. I only started the company in April, and I am overwhelmed by the enthusiastic support I have received. I am rapidly building up a tremendous slate of film and television projects. It’s very eclectic. I have continued with the IP based development model I used very successfully with Jake Gyllenhaal to create the English language version of The Guilty. I have the rights to an Elmore Leonard novel Mr. Paradise which is in the grand tradition of his snappy, multi-character, comedic crime thrillers. I’m also in the middle of negotiations on a YA book series that I love. I see that project as a mid-budget studio franchise like a Hunger Games, and I’m talking to some major talent to come on board.

What are some of the fundamental changes you see taking place in the film and television business?

Sadly, the independent film and television space has been under tremendous pressure from multiple directions. The rise of streaming services has upended the traditional business model. Combining production and distribution under one global roof has cut off many of the foreign independent distributors from many of the best projects, leading to serious revenue shortfalls at many buyers. And COVID decimated the adult, moviegoing audience which was the core audience for intelligent, character-based stories. This has created great economic challenges for anyone trying to do original, provocative work. The SAG and WGA strikes have shut down the big companies and given a little sunshine to the smaller companies which can continue to work under the SAG interim agreements. Hopefully the talent will remember this after the strikes end and continue to support the independent production and distribution community. On the independent front, we have to squeeze budgets more than ever for them to pencil out. 

You’re so well known for discovering incredible new talent, whether actors, writers, directors or producers. Does being independent again facilitate working with new voices?

Absolutely! Bold Films is a great shop, but over the last few years it has pivoted almost exclusively into larger budget entertainment that needs big name talent to make it into production. I’m wrangling three different projects I hope to get into production in the next six months that all have first time directors on top. These are all terrific, new talent I believe in strongly. I was fortunate to break open the careers of directors like Nic Refn (Drive), Dan Gilroy (Nightcrawler) and Damien Chazelle (Whiplash). The thrill of discovery is the best feeling you can have as a producer.

What excites you most moving forward?

I love that my independence allows me to explore new areas and continue to grow as a producer, a businessman and as a creative. Being able to make all my own decisions without answering to anyone is very liberating, and this has impelled me to venture into some new areas. In addition to producing for film and television, my work with some of my investor clients has brought me into a very exciting musical play for the West End in London, as well as a tv show in Hebrew in Israel. I am also in conversation with a big sports operation to help them with global television distribution of their programming. Probably the most exciting venture though is my writing and directing debut called Life In LA.

You’re going to direct? That’s so cool! I’m sure many people are intrigued to see what you do there. Can you tell us more about Life In LA?

It’s an anthology tv series I created, that revolves around Gen Z life. I am fascinated by the evolving mores and social customs of Gen Z, which in many ways represent a sharp break with the past. The diversity and multicultural nature feel very fresh. I’m interested in exploring authentic, relatable stories. It’s also a great opportunity to work with a whole generation of new, buzzy talent. I’ve got Jack Griffo and Caylee Cowan participating, who are wonderful. I’ve also discovered a tremendous Peruvian actress named Gachi Angeles. I discovered Gachi from her work on the well regarded show Los Otros Libertadores where she starred opposite legendary actress Magaly Solier for Peru’s top television channel Latina. Los Angeles is a very international city filled with immigrants. I definitely want international talent involved to enhance the show’s authenticity and cultural relevance.

What do you see as a great opportunity moving forward?

If you can option great IP, finance the scripts yourself and package them with talent attractive to studios and streamers, you are in a very strong place. Independent development financing is very hard to secure and I am blessed to have it available to me. Developing large scale projects outside of the system gives you the capacity to create something special, while also yielding tremendous financial rewards in success.