Carolco Pictures: Difference between revisions
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By 1992, however, Carolco entered financial trouble, with factors including overspending on their movies through reliance on star power and far-fetched deals (including paying Schwarzenegger a then-unheard-of $10-14 million for his work on ''Total Recall'' and ''Terminator 2: Judgement Day'' and giving Stallone similar treatment), mixing blockbusters with small-budget, unprofitable arthouse films and losses of partnerships. That year, the company went under a corporate restructuring, invested in by a partnership of Rizzoli-Corriere della Sera of Italy, [[StudioCanal|Le Studio Canal+]] of France, Pioneer and [[Metro-Goldwyn-Mayer Studios|Metro-Goldwyn-Mayer]]. Each partner helped infuse up to $60 million into the studio's stock and another $50 million for co-financing deals. The following year, Carolco was forced to sell its shares in Live to a group of investors led by Pioneer. | By 1992, however, Carolco entered financial trouble, with factors including overspending on their movies through reliance on star power and far-fetched deals (including paying Schwarzenegger a then-unheard-of $10-14 million for his work on ''Total Recall'' and ''Terminator 2: Judgement Day'' and giving Stallone similar treatment), mixing blockbusters with small-budget, unprofitable arthouse films and losses of partnerships. That year, the company went under a corporate restructuring, invested in by a partnership of Rizzoli-Corriere della Sera of Italy, [[StudioCanal|Le Studio Canal+]] of France, Pioneer and [[Metro-Goldwyn-Mayer Studios|Metro-Goldwyn-Mayer]]. Each partner helped infuse up to $60 million into the studio's stock and another $50 million for co-financing deals. The following year, Carolco was forced to sell its shares in Live to a group of investors led by Pioneer. | ||
Cutbacks at Carolco also played a role in their eventual demise. The studio provided half of the budget for ''Cliffhanger'', another Stallone-led action film, to TriStar, but would have to sell full distribution rights in North America, Mexico, Australia, New Zealand, Germany, and France so it could properly fund the film. This decision wound up hurting Carolco; despite the film being a major box-office success, Carolco saw little profit as the company ended up becoming a minority owner in the movie. Carolco filed a lawsuit against [[Columbia Pictures]], TriStar's eventual corporate sibling, and [[Viacom Productions|Viacom]] in an attempt to gain the home video and television rights to a eventually unrealized ''Spider-Man'' movie with James Cameron attached as producer; the lawsuit would backfire when Columbia and Viacom counter-sued Carolco, and the studio also became sued by MGM. These lawsuits, which the studio lost, caused Carolco to lose more money and also cost them the film rights to ''Spider-Man''. Carolco's attempt to make more of its specialties would also prove to be more strenuous; they would be forced to shelve ''Crusade'', another Schwarzenegger vehicle based on a script by Walon Green and with Paul Verhoeven, who worked with Carolco on ''Total Recall'', attached as director, in 1994 when that film's budget exceeded $100 million. However, the studio managed to complete a merger with The Vista Organization in late October 1993, and made a new agreement with MGM to distribute its films in North America. | Cutbacks at Carolco also played a role in their eventual demise. The studio provided half of the budget for ''Cliffhanger'', another Stallone-led action film, to TriStar, but would have to sell full distribution rights in North America, Mexico, Australia, New Zealand, Germany, and France so it could properly fund the film. This decision wound up hurting Carolco; despite the film being a major box-office success, Carolco saw little profit as the company ended up becoming a minority owner in the movie. Carolco filed a lawsuit against [[Columbia Pictures]], TriStar's eventual corporate sibling, and [[Viacom Productions|Viacom]] in an attempt to gain the home video and television rights to a eventually unrealized ''Spider-Man'' movie with James Cameron attached as producer; the lawsuit would backfire when Columbia and Viacom counter-sued Carolco, and the studio also became sued by MGM. These lawsuits, which the studio lost, caused Carolco to lose more money and also cost them the film rights to ''Spider-Man''. Carolco's attempt to make more of its specialties would also prove to be more strenuous; they would be forced to shelve ''Crusade'', another Schwarzenegger vehicle based on a script by Walon Green and with Paul Verhoeven, who worked with Carolco on ''Total Recall'' and ''Basic Instinct'', attached as director, in 1994 when that film's budget exceeded $100 million. However, the studio managed to complete a merger with The Vista Organization in late October 1993, and made a new agreement with MGM to distribute its films in North America. | ||
The studio attempted a comeback with ''Cutthroat Island'', a big-budget swashbuckler directed by ''Cliffhanger'' director Renny Harlin, and with actor Michael Douglas as the lead. However, Douglas dropped out early in production, and Matthew Modine, a less-bankable actor, was cast as the lead afterward. Female lead Geena Davis, Harlin's then-wife, was already an established A-lister but was coming off a string of flops. MGM hoped to advertise ''Cutthroat Island'' based on spectacle rather than cast. Carolco sold off the rights to several films in production, including ''Last of the Dogmen'', ''Stargate'' and ''Showgirls''; the French company [[Chargeurs]] ultimately brought the latter. The sell-off was done in an attempt to raise more financing for ''Cutthroat Island'', which had a staggering projected $90-100 million budget. The studio ran out of funds in October 1994; Pioneer would then invest another $8 million. | The studio attempted a comeback with ''Cutthroat Island'', a big-budget swashbuckler directed by ''Cliffhanger'' director Renny Harlin, and with actor Michael Douglas as the lead. However, Douglas dropped out early in production, and Matthew Modine, a less-bankable actor, was cast as the lead afterward. Female lead Geena Davis, Harlin's then-wife, was already an established A-lister but was coming off a string of flops. MGM hoped to advertise ''Cutthroat Island'' based on spectacle rather than cast. Carolco sold off the rights to several films in production, including ''Last of the Dogmen'', ''Stargate'' and ''Showgirls''; the French company [[Chargeurs]] ultimately brought the latter. The sell-off was done in an attempt to raise more financing for ''Cutthroat Island'', which had a staggering projected $90-100 million budget. The studio ran out of funds in October 1994; Pioneer would then invest another $8 million. | ||