Steven Spielberg’s Amblin Partners has signed a multi-year film distribution partnership with Universal Filmed Entertainment Group, as well as forged a series of new agreements that will expedite the company’s move into streaming.
The following written content by Brent Lang
Amblin Partners has signed a multi-year film distribution partnership with Universal Filmed Entertainment Group, as well as forged a series of new agreements that will expedite the company’s move into streaming.
The pact is in the five-year range, according to insiders, similar to Amblin’s previous deal with the studio, which was inked in 2015. The company had previously partnered on distribution of its films with the Walt Disney Company when it operated under the DreamWorks banner. Universal and Amblin have a history together. The studio been the home of many of Amblin founder Steven Spielberg’s biggest hits, including “Jurassic Park” and “Jaws.”
“My decades-long relationship with Universal truly transcends any single business deal, and to once again renew our corporate vows reaffirms that Universal is Amblin’s home,” Spielberg said in a statement.
The new deal also ends Amblin’s relationship with Participant, which had been a backer of the company. The companies said Participant, which makes socially conscious movies, will “now exit its role as an equity holder of the Company.”
“I would also like to extend my deepest gratitude to my dear friends [Participant founder] Jeff Skoll and [CEO] David Linde for an incredible run as formal partners; and my congratulations on what I know will be a successful next chapter in Participant’s journey,” Spielberg said. “While in a different form, we look forward to continuing our collaborations to create the type of culturally-impactful content that only Participant can deliver.” Participant said selling its stake will give it greater “flexibility.” Financial terms of the sale were not disclosed.
Alibaba Pictures, eOne and Reliance Entertainment will all continue as equity holders, with Alibaba releasing Amblin films in China; eOne releasing them in the U.K., Spain, Australia, New Zealand and Benelux; and Reliance releasing movies in India. Read more from Yahoo! Entertainment.
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