Studio halts development until 2010
Source: Variety.com
Universal Pictures put the word out this week that it will not spend money for the rest of the year to advance development projects. Essentially, if your project isn’t being fast-tracked or greenlit, you won’t be able to spend money to move the project forward until 2010.
Word began filtering down to lot producers and the dealmaking community this week that development has essentially been frozen at the studio.
Such a move is not unprecedented. Studios often run through their fiscal-year budgets and sometimes make deals with writers and their agents that keep projects percolating but delay payments until the beginning of the next fiscal year, when budgets are replenished.
It’s unusual, however, for a major studio like Universal to implement such a move in mid-September, dealmakers say.
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