Netflix reportedly paid Paramount $50 million for The Cloverfield Paradox

There was a nationwide moment of shock when it announced that not only had the new Cloverfield movie, CLOVERFIELD PARADOX, been bought by Netflix but that it would debut right after the Super Bowl. The marketing stunt was unprecedented, and the news was able to dominate social media during one of the biggest nights of the year for sports. Despite receiving dismal reviews across the board, the movie can be looked at as a win, generating a tremendous level of buzz for Netflix and giving Paramount a reported payday of over $50 million dollars.

The Hollywood Reporter heard from its sources that Paramount and Netflix came to an agreement over the large sum in January after the studio and J.J. Abrams approached them late last year. The movie finished principal photography in September 2016, but when he came onboard months later, Paramount chairman-CEO Jim Gianopulos feared the movie wouldn't fare well at the box office. After pushing the release date back more and more the movie was eventually considered "unsalvageable." Enter Netflix, and a deal was born.

The deal resulted in a win-win scenario for both companies: Paramount made an instant profit from the movie (made for a reported $45 million) while still retaining rights for China and any home entertainment releases, while Netflix got a spaceship load of street cred and acclaim for the ingenious move.  

Despite having to cut PARADOX loose after months of trying to clean it up and tie it to the Cloverfield universe, it's reported is Paramount still owns the rights to the fourth movie in the series – OVERLORD. Word has been circulating the movie is already finished, and has even gotten high marks from early test screenings. Still, the sources claimed they are unsure of the movies fate and if it will go to Netflix or a major theatrical release.


Source: THR



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