Yahoo News Steven Spielberg’s Amblin Partners Strikes New Deal With Universal
Steven Spielberg’s Amblin Partners is strengthening its relationship with Universal.
Universal and Amblin announced a new multiyear deal with Universal whereby the movie studio will co-finance Amblin movies. The pact gives Amblin more flexibility in challenging economic times. At the same time, Spielberg will retain creative control.
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Previously, Amblin would find financing for its own movies and then give Universal the chance to distribute those films for a fee. Spielberg hasn’t yet announced which film he plans to direct next. He last helmed the Oscar-nominated The Fabelmans, which Universal released.
“Universal is my ancestral studio home, and this next chapter in our long-standing partnership will provide Amblin with the creative flexibility and autonomy that I know will allow us to succeed together in the future,” Spielberg said in a statement. “I’m eternally grateful to our entire team at Amblin for their work and dedication over the years, and also thankful to Donna [Langley] and everyone at Universal for their commitment and partnership, as we all look forward to our next adventure together.”
Added Langley, chairman and chief content officer of NBCUniversal Studio Group: “We’re excited to evolve our partnership with Steven and cement our creative legacy together that has resulted in so many iconic Universal films over the last half-century. Steven and the team at Amblin have been outstanding partners and we look forward to this next chapter.”
There will be job cuts at Amblin because of the new deal, according to insiders. They will be mix of layoffs and some contracts not being renewed. No further details were revealed.
The Universal pact doesn’t impact Amblin’s separate television deal with Netflix.
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