Paul Brooks' Gold Circle Films and Jason Blum's Blumhouse Productions have combined forces to form Angle Films. The companies simultaneously announced on Tuesday a first-look distribution deal for their new production company with Universal Pictures.

The new company has been tasked with financing and producing genre films with budgets ranging from $15 - $30 million.

Blumhouse is best known for his success producing ultra low-budget films such as the Paranormal Activity franchise. Gold Circle is responsible for horror films such as White Noise and The Haunting in Connecticut.

Both Blumhouse and Gold Circle have separate deals at Universal through their own production companies.