Allen Putting Money Into Upstart Multimedia Firm

High-tech billionaire Paul G. Allen disclosed Wednesday that he is financially backing an upstart film production, television and multimedia company as part of his ongoing expansion into the entertainment field.

The company will be called Storyopolis and expects to work on projects with authors of popular children’s stories and classic tales. Details on the size of Allen’s investment weren’t disclosed.

In a statement, Allen called the venture a “compelling investment” to produce “family-based multimedia products.”

As part of its efforts to develop projects, the company recently struck a deal with Warner Bros., giving the studio first shot at film and television projects, according to Allen’s partners.

Two projects include film and television rights for “Red Ranger Came Calling,” a Christmas story from cartoonist Berkeley Breathed about a boy who wants a costume as a present. Another project in the works is author Ralph Steadman’s “I, Leonardo.”

Joining Allen as partners in the venture will be Megan Taylor, who previously worked with musician Peter Gabriel’s multimedia company, and Abbie Phillips, a former partner in Every Picture Tells a Story, a Los Angeles art gallery specializing in art from stories for children.

The company’s Robertson Boulevard production offices are expected to include the unusual feature of a storefront art gallery and bookstore.

Storyopolis is one of a series of entertainment-related investments by Allen, who is the owner of the Portland Trailblazers basketball team and was a founder of Microsoft with current Chairman Bill Gates. Allen left the company in 1983 after he was diagnosed with Hodgkin’s disease, which is in remission.

Allen’s portfolio includes a major investment made last November in C/Net, a cable channel specializing in computers, on-line services, video games and interactive services.

In 1993, Allen bought about 80% of Los Angeles-based Ticketmaster for more than $300 million. Allen formerly was a major investor in America Online, but he divested his stake in the service last fall.