DreamWorks' planned distribution deal with Universal Pictures has collapsed as the parties are unable to agree upon final terms.
The failure of the agreement paves the way for Walt Disney Studios, which had earlier sought a distribution deal with DreamWorks, to step in as Steven Spielberg's new studio home, according to people familiar with the situation.
DreamWorks has been struggling for months to raise funds for its new studio, but efforts to raise the debt portion of its desired $1.25 billion in financing has been hampered by the global credit crisis.
DreamWorks, which split from former owner Paramount Pictures last year, is in need of some serious cash to continue financing overhead and jump-start plans to make about six movies a year. Spielberg's businesss partner, India's Reliance Entertainment, will not put up the equity portion of the financing until DreamWorks secures a matching sum in debt. DreamWorks' lead bank, JPMorgan Chase, so far has received a commitment for less than half of the $325-million loan that Spielberg hopes to have by late March. At that point, Reliance would match the bank contribution. DreamWorks is seeking to raise a total of about $1.25 billion in equity and debt.
Reliance had been pressuring Universal to advance DreamWorks at least $150 million in interim financing. But Universal, which in October announced a multi-year distribution deal with DreamWorks, balked and this morning announced it had halted talks with DreamWorks. "Over the past several weeks DreamWorks has demanded material changes to previously agreed-upon terms. It is clear DreamWorks' needs and Universal's business interests are no longer in alignment," Universal said.
Disney, which had been one of several DreamWorks distribution suitors, is in talks with the Spielberg camp and apparently willing to step in and make the investment needed by the filmmaker. Disney has always been Plan B, although Spielberg's first choice was Universal, where he began his career. Spielberg's creative partner Stacey Snider, who runs DreamWorks, used to be chairwoman of Universal Pictures.
This is the second time that Universal let DreamWorks slip away over money issues. Before being sold to Paramount in 2006 for $1.6 billion, DreamWorks had been in serious negotiations with Universal. But at the eleventh hour, Universal lowered its acquisition offer and the deal fell apart.
-- Claudia Eller
'Battlestar' and 'Caprica' notes, plus video of Katee on 'Nip/Tuck'
Here are a few "Battlestar Galactica" and "Caprica" notes for you before we head into the weekend.
First of all, I will post a Q&A with Michael Angeli, who wrote Friday's episode of "Battlestar Galactica," after the episode airs tonight.
"Caprica," the "Battlestar" prequel that won't debut until 2010, willactually give fans a glimpse at the show's two-hour pilot early. You'llbe able to buy a longer cut of the pilot on DVD and online on April 21.
Jane Espenson, who will be the showrunner for "Caprica," talked about the drama and the show's writing staff, which features both "Galactica" veterans and former "Friday Night Lights" writers, to io9.
Galactica Sitrep has the details on how to buy the great Cylon coffee mug you see pictured here. Via Sitrep, I also found this footage of Katee Sackhoff's first appearance on "Nip/Tuck," which you can catch on FX Tuesday.
Last but most definitely not least, I wanted to link to this perceptive piece by James Poniewozik of Time, who celebrates Eric Taylor of "Friday Night Lights" and Edward James Olmos of "Battlestar Galactica" and points out the ways in which these characters are similar:
They're flawed; they can be deeply wrong and authoritarian. They can be stubborn and selfish and blind to their faults. But they are actual heroes, not antiheroes. Their dedication to these old values is not treated as something to be made fun of or subverted. They demand a great deal of those around them, but they will also give anything for their teams and their crews.
TV has done great things with antiheroes like Tony Soprano, who whined about the death of the strong, silent "Gary Cooper type" without realizing that he was himself part of the problem. But it's even more rare, and difficult in this day and age, to portray actual Gary Cooper types in a way that seems neither phony nor snarky. Eric Taylor and Bill Adama are a rare breed. We should appreciate them while they're still around.
'Fanboys' To Men: The Road Movie Geeks Out
A long time ago — back in 1999, to be precise — a posse of die-hard Star Wars fans road-trip across the country to steal an advance print of The Phantom Menace.
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