Working, U working for Canal funds
Paybox may pick up Euro rights to pix
Working Title co-chairmen Tim Bevan and Eric Fellner last week signed a five-year deal with Universal that gives them the power to greenlight up to five movies a year with budgets under $25 million (Daily Variety, March 26).
Universal's commitment to Working Title does not depend on raising outside financing. But both U and Working Title are keen to do so -- in U's case to minimize risk and take the projects off its balance sheet, and in the case of Bevan and Fellner, to preserve their European identity and further cement their autonomy.
Canal Plus wooed
Neither Bevan nor Fellner would comment on the talks. But Canal Plus sources confirmed that the French paybox has been approached to take some Euro rights on selected projects. Meantime, U is sounding out its banks about a credit line for Working Title's slate.
Bevan and Fellner's deal with Universal already gives them greater creative autonomy than they previously enjoyed under the ownership of Polygram Filmed Entertainment. It also gives them richer personal terms, including some back-end in their own movies for the first time.
They will be able to greenlight three to five films each year, ranging from low-budget Brit fare to the kind of risky, medium-budget pics, such as the $25 million "Elizabeth" and the $18 million "Bean," which have proved so successful for the company in recent years.
More expensive projects, such as the upcoming "Thunderbirds," will have to be specifically approved by Universal.
Safeguarding style
Neither Bevan nor Fellner would confirm the financial details of the deal. But Fellner commented, "We had to ensure that we protected our ability to make the kind of films that studios would not be willing to greenlight, and we have done that."
The first projects likely to be financed by Universal are "Bridget Jones' Diary," an adaptation of Helen Fielding's comic bestseller about being single, female and over 30; and "Captain Corelli's Mandolin," a $25 million romance set on a Greek island during World War II, to be directed by Roger Michell.
Fellner also signaled that Working Title is planning an aggressive move back into the low-budget end of Brit filmmaking, which the company largely abandoned after the success of the $4.5 million "Four Weddings and a Funeral" catapulted them into the big leagues in 1994.
'Outstanding complement'
Ron Meyer, president and chief operating officer of Universal Studios, said, "Tim and Eric have a unique ability to attract and develop material across a wide range of genres and budgets. Working Title will be an outstanding complement for Universal Pictures and we will benefit from their strong creative relationships in both Hollywood and Europe."
Chris McGurk, president and chief operating officer of Universal Pictures, added, "This is an important step in expanding our creative presence in Europe and taking a global approach to developing projects for the world market. Our investment in Working Title enables them to continue operating independently and build on their already proven model for success. This will further leverage Working Title's position as the leading European film production company."
Fellner and Bevan said, "As a fully self-contained independent production company with strong Hollywood ties, we believe this is truly the best of all worlds."
