Writer James Frey has launched  Full Fathom Five, a company focused on producing commercial young adult novels co-written with a team of aspiring writers. A New York magazine feature explored the fiction factory, and one writer declared:  “It’s a crappy deal but a great opportunity.”

Frey introduced Full Fathom Five at a Columbia University MFA seminar. Suzanne Mozes, one of the nine Columbia students present at Frey’s talk, wrote about the experience for the magazine. In an interview, Frey once compared the operation to Andy Warhol’s Factory.

Here’s more about the company’s contract: “In exchange for delivering a finished book within a set number of months, the writer would receive $250 (some contracts allowed for another $250 upon completion), along with a percentage of all revenue generated by the project, including television, film, and merchandise rights—30 percent if the idea was originally Frey’s, 40 percent if it was originally the writer’s.”

Frey has already achieved successes with writer Jobie Hughes, another Columbia MFA student. The pair co-wrote the science fiction book, I Am Number Four, under the Pittacus Lore pseudonym. The book trailer is embedded above.

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