(written from a Production point of view)
Level 1 Entertainment is a production company which provided finances to the production of 2009's Star Trek during the film's early production period.  However, the company was later replaced by Spyglass Entertainment.
Level 1 was founded in 2003 by producer Bill Todman, Jr. and billionaire Edward Milstein, with Paul Schwake signing on as the company's chief operating officer later in the year.  Early in the film's development, Todman, Milstein, and Schwake were credited as executive producers on Star Trek, but they were not credited in the final film.
The company released their first film, the 2006 comedy Grandma's Boy, through 20th Century Fox and in collaboration with Happy Madison Productions. They again worked with Happy Madison on the upcoming comedy Strange Wilderness, which, like Star Trek, will be distributed by Paramount Pictures. They will again work with Happy Madison on at least two more comedy projects.