Milling-Smith and Carmody are known for creating film, TV and commercials producer Smuggler. That company will invest in Cove, alongside Red Arrow, the content arm of ProSiebenSat.1.
Cove will be based in the US and UK and be led by managing director Heather Rabbatts, the former BBC and Channel 4 executive.
She said: “I am delighted to be leading this company at such an exciting time in the sector, to be working with the very best of talent both on- and off-screen from across the creative media industries, and to provide an opportunity to discover the new voices of the future.”
Milling-Smith, said: “Cove Pictures is bringing together like minded and creatively driven people who I have long wanted to collaborate with. This is a new and vibrant time in television and I feel bullish and excited by our partners and the prospects ahead.”
Red Arrow Entertainment will hold a minority stake, and will sell Cove projects internationally through Red Arrow International.
Jan Frouman (left), chairman and CEO of Red Arrow, said: “Smuggler is also a hugely dynamic, creative and talent-driven company, and Cove Pictures will be a great opportunity to champion talent through a wealth of new TV projects.”
The deal with Eon will see Cove and the Bond prodco, which is run by Barbara Broccoli, work up TV series for the international market. It said today that details of its first projects will be announced soon.