PayPal creator David Sacks is entering the movie producing business by creating the production company 'Room 9 Entertainment'.
Sacks sold his online money transfer service to eBay for $1.5 billion in 2002. He, along with fellow PayPal principals, have created an equity fund to develop and finance independent films with budgets under $10 million.
Their primary focus will be to make satirical projects. They have already purchased the teen comedy 'Queen Lara', for low-six figures, according to Variety.
Also slated for the summer is a picture based on Shakespeare's
King Lear. A director is still being sought.