Carolco Pictures: Difference between revisions
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In April 1995, Carolco announced that it was unable to make interest payments on $55 million in debt; that November, the studio filed for Chapter 11 bankruptcy protection. ''Cutthroat Island'' was released that Christmas and became a box-office disaster, losing $147 million. Carolco went bankrupt not long after the disastrous release of ''Cutthroat Island'', and the company agreed to sell its assets to [[20th Century Studios|20th Century Fox]] for $50 million. In January 1996, however, [[Canal+]] made a $58 million bid for Carolco's library. Not long after, 20th Century Fox, which by then lowered its purchase price to $47.5 million, dropped its deal. Carolco closed soon after. Cinergi remained active until it too shut down in 1998 following a string of critically and commercially unsuccessful movies. Kassar and Vajna later reinstated their partnership and founded [[C2 Pictures]], which shut down in 2008. | In April 1995, Carolco announced that it was unable to make interest payments on $55 million in debt; that November, the studio filed for Chapter 11 bankruptcy protection. ''Cutthroat Island'' was released that Christmas and became a box-office disaster, losing $147 million. Carolco went bankrupt not long after the disastrous release of ''Cutthroat Island'', and the company agreed to sell its assets to [[20th Century Studios|20th Century Fox]] for $50 million. In January 1996, however, [[Canal+]] made a $58 million bid for Carolco's library. Not long after, 20th Century Fox, which by then lowered its purchase price to $47.5 million, dropped its deal. Carolco closed soon after. Cinergi remained active until it too shut down in 1998 following a string of critically and commercially unsuccessful movies. Kassar and Vajna later reinstated their partnership and founded [[C2 Pictures]], which shut down in 2008. | ||
Film producer Alexander Bafer purchased the Carolco name and logo years later. On January 21, 2015, it was announced that Brick Top Productions, Bafer's production company, had adopted the Carolco name and logo, with Mario Kassar as the company's chief development executive. However, on April 7, 2016, it was announced that Bafer and Kasser had both left the company, Kasser taking with him one of Carolco's planned products, a remake of the 1999 Japanese horror film ''Audition'' which he was producing. investor Tarek Kirschen was then inducted as Carolco's CEO. The new Carolco soon ran into legal trouble with StudioCanal over the use of the Carolco name and logo. In 2017, StudioCanal and Carolco reached an agreement whereby StudioCanal would have sole control of the Carolco name and logo and the new Carolco would be renamed "Recall Studios". The arrangement took effect on November 29 of that year. | Film producer Alexander Bafer purchased the Carolco name and logo years later. On January 21, 2015, it was announced that Brick Top Productions, Bafer's production company, had adopted the Carolco name and logo, with Mario Kassar as the company's chief development executive. However, on April 7, 2016, it was announced that Bafer and Kasser had both left the company, Kasser taking with him one of Carolco's planned products, a remake of the 1999 Japanese horror film ''Audition'' which he was producing. investor Tarek Kirschen was then inducted as Carolco's CEO. The new Carolco soon ran into legal trouble with StudioCanal over the use of the Carolco name and logo. In 2017, StudioCanal and Carolco reached an agreement whereby StudioCanal would have sole control of the Carolco name and logo and the new Carolco would be renamed "Recall Studios". The arrangement took effect on November 29 of that year. | ||
Today, the ancillary rights to a majority of Carolco's library including the Carolco name and logo are held | Today, the ancillary rights to a majority of Carolco's library including the Carolco name and logo are held byStudioCanal. North American TV and streaming rights belong to [[Paramount Pictures]] through [[Trifecta Entertainment & Media]] on Paramount's behalf, due to a previous TV distribution deal with [[Worldvision Enterprises]], and [[Lionsgate Home Entertainment]] continues to hold the domestic and digital home video rights (via a new output deal with StudioCanal), while the international home video rights are held by a different company for each country. Exceptions include ''Cliffhanger'', which is distributed in the U.S. and some foreign territories by Sony Pictures Entertainment (due to TriStar being given complete distribution rights in those territories as explained above), ''Last of the Dogmen'', which was originally released by [[Savoy Pictures]] and is now owned by the film's producer Joel Michaels, who licensed the film to Kino Lorber for a Blu-Ray release, and ''Showgirls'', which Carolco sold off to [[Chargeurs]] during pre-production, and is distributed in North America by [[Metro-Goldwyn-Mayer Studios]]. MGM also continues to hold the rights to ''Showgirls'' (as stated earlier) and the streaming rights to ''Stargate'', the latter of which they also developed into a multimedia franchise since its release. Carolco did not use a logo until 1985; before then, its films merely used an in-credit notice. | ||
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