EXCLUSIVE: FX has snapped up the TV rights to this summer’s first surprise boxoffice hit The Karate Kid. I hear the cable network quietly made the deal with Sony a couple of weeks before the film’s opening, a smart move given the fact that at the time the kid-friendly reboot was tracking only OK and projected to make half of the $55.7 million it grossed in its opening weekend. But the timing of the deal wouldn’t impact the price FX will be paying for the film as I hear it is the standard for a well-performing movie 12% of the final domestic boxoffice, capped at $24 million if the movie crosses the $200 million mark (Karate Kid is at $67.7 million through Tuesday.)
Additionally, FX also has picked up a package of three 20th Century Fox movies: A-Team, which also opened last weekend with a below-expectations $25.7 million, as well as earlier releases Date Night and Tooth Fairy. Karate Kid and A-Team are eyed for a late 2012 premiere on FX, while Date Night and Tooth Fairy would be rolled out a little earlier that year.
A-Team and Date Night are expected to play well on TV: A-Team was a popular TV show before it was made into a movie, and Date Night is toplined by TV stars Steve Carell and Tina Fey. The price for the 3 movies in the package is said to be in the 10%-12% of their boxoffice range. Date Night, which was released in April, has grossed $96.4 million. The Rock-starring comedy Tooth Fairy didn’t fare as well, finishing its box-office run at $60 million.
As it has done in the past couple of years, FX is going after the top summer/spring movies. It already has Iron Man 2 through its output deal with Marvel, Shrek Forever After and How To Train Your Dragon through its output deal with DreamWorks Animation and the upcoming The Twilight Saga: Eclipse through its pact with Summit.