The Skydance-owned Paramount continues its dynamic dealmaking as it looks to expand its film portfolio.
Just over a week after the transition of power at the studio, the executive team led by David Ellison is reportedly in discussions for a theatrical output agreement with Legendary Pictures, known for producing acclaimed franchises such as Dune and the Monsterverse.
Legendary has previously engaged in output agreements with major studios, including Warner Bros. and Sony Pictures. The contract with Sony concluded at the end of the last year, while its prior arrangement with Warner Bros. ended in late 2022.
No official comment has been provided by Paramount regarding these negotiations.
Any potential agreement between Paramount and Legendary would likely not cover the upcoming Godzilla-Kong films or the lucrative Dune series, which remain under Warner Bros.’ distribution. Despite a less successful tenure at Sony, during which projects like The Book of Clarence and The Machine underperformed, Legendary is gearing up to produce a new iteration of Street Fighter.
Moreover, Legendary has seen success with projects outside its flagship franchises. Notably, A Minecraft Movie, distributed by Warner Bros., has emerged as the second-highest grossing film of the year, totaling over $955 million in global box office receipts. A sequel is anticipated to continue under Warner Bros., which also holds rights to an Alejandro Iñárritu-directed film starring Tom Cruise.
One of Legendary’s most anticipated projects is the highly-budgeted adaptation of the anime and manga franchise Gundam, set to feature Sydney Sweeney and directed by Jim Mickle; production is expected to commence next year.
While the exact timeline for these discussions remains unclear, sources indicate that initial talks began earlier this spring, during the tenure of former co-CEO Brian Robbins.
According to industry insiders, “If you’re Paramount, you need a substantial influx of films, and you need them expeditiously,” underscoring the studio’s efforts to rejuvenate its film catalog.
Following the completion of its merger with Skydance on August 7, Paramount has made significant strides, including a $7.7 billion agreement for exclusive U.S. broadcast rights to the Ultimate Fighting Championship throughout the next seven years. Additionally, negotiations are ongoing to secure a rich partnership with the Duffer Brothers, creators of Stranger Things, which would bolster the studio’s film offerings.
Based on reporting by Hollywood Reporter. Read the full story at Hollywood Reporter.