James Packer is entering the movie business in a joint venture with director Brett Ratner.

The gambling and media tycoon will team up with the Rush Hourdirector to form RatPac Entertainment.

A spokesperson for James Packer confirmed the partnership, describing it as "a small private investment". The spokesperson would not provide any further details.

However, Ratner issued a statement to The Hollywood Reporter confirming that RatPac plans to produce and finance independent films as well as partner with studios to co-finance projects.

The duo have zeroed in on two undisclosed projects that will be co-financed.

"We intend to build a major independent film company that not only has the ability to fully finance its films but which also offers creative independence for its filmmakers," Ratner said.

Ratner is currently producing Horrible Bosses 2 and the animated Hong Kong Phooey, which has Eddie Murphy attached to star.

The move by Packer comes after he sold his remaining stake in his family business, Consolidated Media Holdings, last month.

This is not the Packer family's first foray into the film business, as James' father Kerry Packer ran entertainment concern Publishing and Broadcasting Limited, which had a 25% stake in the film studio New Regency for many years.

In 2008, Packer reportedly sold the share for $348 million.

This article first appeared on LeadingCompany's sister site, SmartCompany.