(What, you thought George Lucas could dress himself?)
In today’s Hollywood Reporter is an article about Universal Studios hoping to renegotiate their “consulting” contract with Steven Spielberg.
Under the contract, Spielberg gets a flat fee and a percentage of revenue of movie or television-themed attractions in exchange for advising the theme park resort and working on other projects around the world. Although there is no expiration date for the arrangement, starting in June 2010 Spielberg has the right to end it. He can then can get a single lump sum payment based on his interests in the Orlando parks and other projects around the world.
Basically, they pay him to continue being Steven Spielberg and must do so in perpetuity. And because he negotiated a deal with them when they just started out, according to Sharon Waxman and Nikki Finke, he’s been getting 2% of Universal Studios’ annual gross receipts, totaling an estimated $30-50 million. And now they’re hoping to buy him off with a single lump sum. If you want an idea how good their offer will have to be, become an Arab terrorist, rid a whole continent of infidels, and then go to heaven.