First look deal
From Wikipedia, the free encyclopedia
A first look deal is any contract containing a clause granting, usually for a fee or other consideration that covers a specified period of time, a right of pre-emption, right of first refusal, or right of first offer (also called a right of first negotiation) to another party, who then is given the first opportunity to buy outright, co-own, invest in, license, etc., something that is newly coming into existence or on the market for the first time or after an absence, such as intellectual property (manuscript, musical composition, invention, artwork, business idea, etc.) or real property (real estate).
In the film industry, it is an agreement between a writer and an independent producer (production company) or an independent producer and a film studio in which the potential buyer (producer or studio) of a not-yet-written script or in-development movie or television project pays a development fee to the writer or producer for the right to have the first look at the new material before others in the industry get to see it, and at that time make an offer to purchase or distribute or adhere to purchase or distribution terms already stated in the agreement.[1]
[edit]Examples
The trades reported this morning that Will Ferrell and his writer-director pal Adam McKay have signed a two-year, first-look deal with Paramount's specialty division, Paramount Vantage. According to The Hollywood Reporter, the deal will be focused on low-budget films ($10-20 million), not for Ferrell to star in, but to enable the pair to "grow a brand via their newly formed Gary Sanchez Prods." Vantage president John Lesher, feeling that Vantage is leaning too high-brow (they're making both No Country for Old Men and Paul Thomas Anderson's oil epic, There Will be Blood), was eager to add some projects that would broaden the division's base, both in terms of genre and target audience. Lesher, however, is not slumming: He feels McKay's and Ferrell's contributions will be "sophisticated and fresh material," just like the rest of the Vantage slate.
I gotta say that I'm not going to instantly call BS on Lesher's ravings here, though that's my normal inclination with studio spin. I mean, sure, Anchorman is full of stupid humor. But it's also way weirder and smarter than most mainstream comedy -- it could have been a lucky accident, I guess, but at least until Talladega Nights comes out, we can remain hopeful about the quality of the films that will come out of this deal.
Another example
This American Life negotiates 'first-look' deal with Warner Bros.
Originally published in Current, Sept. 2, 2002
By Mike Janssen
Public radio's This American Life might seem an odd match for Hollywood. You'd be hard-pressed to find an episode sexed up by starlets, aliens or fiery car crashes.
But host and producer Ira Glass thinks his show and movies do share much in common. "We conceive of our stories as movies for radio," he says, noting the show's emphasis on classic storytelling elements such as character and narrative, as well as its signature musical scoring.
Apparently, Tinseltown execs were already on Glass's wavelength: TAL has struck a lucrative deal with Warner Bros. that grants the studio "first-look" rights to its weekly output.
Never heard of a first-look deal? Neither had Glass until shortly before he got one. It's a fancy way of claiming dibs, he explains. Warner Bros. now gets first crack at turning TAL's offbeat features into films.
It's "a lovely and logical thing," Glass says. "We've got a lot of stories, and we need money," he says. "They've got a lot of money and need stories."
The deal covers the next two years of TAL programs as well as the show's archive of more than 600 stories. Warner Bros. is already poring over past episodes to determine which stories might be film-worthy.
Glass wouldn't talk dollar figures, but says the deal involves "a lot" of dough. It all goes to Glass and Chicago's WBEZ, who co-own TAL, but they both plan to funnel it all back into the program.
Substantial profits may also go to freelancers, who provide about two-thirds of TAL's pieces. Until now, TAL hasn't asked contributors to surrender movie rights — the show simply didn't pay enough to justify that, Glass says. But if Warner Bros. expresses interest in a freelancer's story from the archive, the show will seek to buy a share of the rights.
Henceforth, that will be part of the standard freelance deal for stories that suggest big-screen adaptations — realistically, about one story per show, Glass says. Freelancers who turn over rights, past or present, will get a small amount of money right off the bat but stand to make much, much more — along with Glass and WBEZ — if the studio follows through and makes their pieces into movies.
Couldn't a freelancer do an end-run around TAL and strike a potentially sweeter deal directly with the studio? Yes, Glass says — but it's probably more sensible for the freelancer to exploit the show's readymade network of lawyers and industry contacts. "We will probably be able to do better for you," he says.
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