Emily Ziff, who co-founded Cooper's Town Prods. with Hoffman, said the new first-look deal would allow the production group to create artistic and business-savvy projects, The Hollywood Reporter said Friday.

"It's the right time for us to strike out with a deal like this," Ziff said. "We think Overture is savvy about the business but also respectful of the artist, and that's a philosophy we share."

The Reporter said the first project from the New York company will be the movie "Unconditional," an adaptation of a play about lonely individuals living in New York.

While previous works from Cooper's Town, such as "The Savages" and "Capote," starred Hoffman, the new deal will likely not involve many starring roles for the noted actor.