The ‘Walking Dead’ court cases are being closely watched because they provide a rare glimpse into the typically opaque world of Hollywood accounting.
The lawsuit is the latest among many legal disputes between producers and creators over the sharing of profits from hit shows or movies.
The creators of “The Walking Dead” fought their distributor AMC Networks over profits last year in court. In 2019, an arbitration resulted in a $178.7-million judgment against 20th Century Fox Television over the series “Bones.” The award was ultimately reduced and the case was settled for an undisclosed amount.
Cunningham, who directed and produced the original 1980 hit, said their agreements dated back to 1992 and he had the right to significant compensation from the film’s net profits, which included limitations on how the distributors calculated the figures.
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On Thursday, the shares dropped 57%, ending the day at $8.63, which is still much higher than the company has traded during the pandemic that forced AMC to close its circuit. The chain, owned by China’s Dalian Wanda Group, has reopened much of its 630-theater footprint in the U.S. since last summer.
Shares of other beleaguered companies Reddit users cheered most notably video game retailer GameStop as well as smartphone maker BlackBerry also fell dramatically after Wednesday’s surges. Brokerages including Robinhood on Thursday put restrictions on trading AMC, GameStop and other firms seeing extreme swings, prompting calls from lawmakers to look into the situation.
After calling for a pause in productions, entertainment industry groups said that the easing of COVID-19 restrictions locally means filming of commercials can resume.
This year’s mostly virtual version of the Sundance Film Festival can’t possibly live up to the heady atmosphere that regulars expect. Sundance, and the deal-making that comes with it, thrives on the in-person experience of crowded lobbies and bars along historic Main Street in Park City, Utah, between and after screenings.
But, perhaps counterintuitively, some attendees tuning in to the film premieres digitally because of the pandemic still see Sundance 2021 as a major opportunity.
Just ask the executives from Shout! Factory, the Los Angeles-based independent film distributor. Buying a hot title at Sundance for the first time could represent a significant step for the 18-year-old company that made a name for itself selling “Mystery Science Theater 3000 DVDs.