Longtime producer Joel Silver has been given the axe from Warner Bros.
Oh how the mighty have fallen...
Producer Joel Silver and Warner Brothers have put their 25-year relationship to an end. Silver isn't leaving empty handed, but he's giving the studio what they want, and then some.
Silver is being paid $30 million for the rights to 30 films under his Silver Pictures banner. This means that he will no longer collect any money from films like THE MATRIX, LETHAL WEAPON, ans SHERLOCK HOLMES. As it turns out, he actually owes the studio a ton of cash.
The studio gave Silver advances on films based on a percentage of the box office the pics were expected to earn. This was done for very few producers. Needless to say, some of Silver's flicks didn't do so well. Other things the studio paid for: "staff of 20 employees, including a personal driver and projectionist for his home theater, and housed him in two bungalows on the lot, once occupied by Richard Donner. " Naturally, all Silver could do if he wanted anything out of the deal was bend over and take it.
How did they come to the $30 million dollar conclusion? There was some hardcore math that, "considers the future earnings of the Silver Pictures library and after the outstanding debt -- which was not disclosed -- is subtracted. That includes hits like "Swordfish," "Book of Eli," "Demolition Man" and "Executive Decision," but also pricey misfires. Analysts say most of the titles already have generated as much as they can from various distribution platforms."
Don't feel too bad for him though. Silver is working up a five-year deal with Universal for 12 films under another banner inside of Silver Pictures. However, Silver must come up with the financing himself. He will also be allowed to make deals with other studios, and will collect $7 million per film. Another angle to add to the equation is that investors will not be taking any risky bets. So basically it better make money or he isn't making shit.
As of now, Silver is renovating new office space for Silver Pictures inside of what once was a Venice Post Office. Life is tough, huh?