Matt Damon Art city Redbird stars reports actor Matt Damon Art city Redbird

Ben Affleck and Matt Damon tostart a production company alongside RedBird Capital's Gerry Cardinale

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Ben Affleck and Matt Damon are co-founding a production company together with the help of RedBird Capital founder Gerry Cardinale.

The Argo star, 50, and the Martian actor, 52, will reportedly start an 'artist-led studio that partners with filmmakers to empower creative vision and broaden access to profit participation,' according to Deadline.

While the news was originally reported back in June, more details have emerged about the arrangement. New company: Ben Affleck and Matt Damon are co-founding a production company together with the help of RedBird Capital founder Gerry Cardinale (pictured November 2016)Cardinale's company, which manages more than a billion dollars in assets, is reportedly making a 'significant financial commitment' to the company, named Artists Equity.

Ben and Matt, who have been friends for decades and won Oscars for co-writing the 1997 movie Good Will Hunting, have generated more than $10 billion at the box office.

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