Ben Affleck and Matt Damon launching production company

Ben Affleck and Matt Damon are launching an "artist-led" production company.

The Hollywood actors, who won the Oscar for Best Original Screenplay for their work on 1997's Good Will Hunting, have teamed up with Gerry Cardinale of RedBird Capital Partners on the venture.

Called Artists Equity, Affleck and Damon hope to use the company to foster "entrepreneurial partnerships" with filmmakers in order to empower their "creative vision".

"Artists Equity was conceived from Matt's and my longtime passion for the art of storytelling and our shared desire to help creators deliver on their vision, as we have been fortunate to do throughout our careers," said Affleck in a statement. "The entertainment industry is defined by great partnerships - writers, directors, producers, crew, actors - and throughout my career, I have learned that collaboration is what drives success. Our goal with Artists Equity is to build a creator-focused studio that can optimise the production process with shared participation in the commercial success of projects."

The first project to be made under the Artists Equity banner will be a film about the creation of the Air Jordan brand. Affleck is to direct the movie, while Damon will star.

And The Last Duel actor is looking forward to collaborating with other filmmakers too.

"Historically, the success of a film was based on its box office performance. Now, with the rise of streaming, the business behind filmmaking has intrinsically changed. However, Ben and I know that the power will continue to be in the hands of the creators, no matter which direction the industry evolves," added Damon. "Artists Equity enables these visionaries to take ownership of their creative power, providing a platform for both established and emerging filmmakers to streamline the development of their content."