UPDATE, 10:19 AM: Fox Searchlight confirms that it has closed the deal on The Way, Way Back, saying it’s for just under $10 million. Since I was up all night writing cross-eyed to break the story hours ago, I would rather not repeat myself, so here is the early-morning story again, and I’ll put the official press release below my original story break when it arrives (it’s there now).
EARLIER EXCLUSIVE, 4:09 AM: The Sundance Film Festival has emerged as one of the craziest for deal making in recent memory. After a wild all-night negotiating session following a raucous premiere screening yesterday of The Way, Way Back, Fox Searchlight has emerged as the frontrunner to acquire domestic rights and several other territories. The price tag is around $10 million minimum guarantee, with a P&A and theatrical commitment.
Searchlight was among bidding distributors that include Lionsgate, FilmDistrict, Paramount Pictures, and Warner Bros. Buyers began mobilizing right after the film’s Monday 3:30 PM first screening at Eccles Theatre, and numerous sources have been telling me all night that this has been one of the most spirited auctions in recent Sundance memory.
By the time the deal gets closed this morning, it should also be just about the richest deal ever made at the festival, as the sale of additional foreign territories will raise the value of the deal even higher. The rabid pace of deal making and the high numbers are a surprise to me, because both buyers and sellers expected the films to go in low upfront deals. Then, the buyers started discovering an exceptional crop of films programmed by Sundance. (more…)