What you need to know
- Skydance Media reportedly has a "put deal" with Apple.
- The deal promises two feature film projects with budgets as high as $125 million.
- Their first project, the animated film "Luck," will premiere on August 5.
Apple has apparently paid big bucks for its partnership with Skydance Media.
As reported by Variety, the "Mission: Impossible" and "Top Gun: Maverick" production company has carved out a "lucrative and rarified" deal with Apple. According to the report, Skydance Media has a "put deal" with Apple TV+, meaning that the streaming service is "obligated to release movies its partner chooses."
The agreement reportedly grants Skydance two feature films with budgets up to $125 million but does not guarantee a theatrical release for either project.
Though not unprecedented, industry observers say the deal between Skydance and Apple is among the richest received by any production company. Under the terms of the pact, Skydance is guaranteed at least two fully-financed feature films per year with budgets up to roughly $125 million, numerous insiders close to the situation said. Skydance is also guaranteed a payout of up to $25 million per picture, depending on certain budget thresholds. That money compensates Skydance for the backend profits it theoretically would have reaped if the film were a conventional box office success. The movies that Skydance releases for Apple are not guaranteed theatrical runs.Under the terms of conventional "put deals," Skydance could theoretically put a movie into production and force Apple to finance and release it, though that would be extremely unlikely. Doing so would put an unnecessary strain on the alliance by essentially handcuffing Apple to a movie it didn't want to make. In the past, companies with "put deals" have usually ensured that any movies they make have the enthusiastic backing of their distribution partner.
One of the first projects to come from Apple and Skydance will be "Luck," a new animated film currently slated for release on August 5, 2022. It will be the first animated feature from Skydance Animation.
If you want to ensure you get the best video quality out of any Skydance film, check out our list of the Best TVs for Apple TV 2022.
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