Steven Spielberg’s name is now synonymous with Hollywood. One of the greatest figures of the New Hollywood era, Spielberg is the most commercially successful director in history, with his films collectively earning over $10 billion at the box office – and now he penned a new landmark deal.
We would be remiss if we didn’t mention that much of his success is owed to his collaboration with Universal Pictures through his production company, Amblin Partners. Amblin and Universal Pictures have been in a strong partnership since day one, with Universal handling the distribution and marketing of Amblin films.
They recently renewed their deal in 2020, but now they’ve taken it a step further. In an exciting development, the two companies have announced a new multi-year agreement, where Universal Pictures will not only distribute and market Amblin films but also co-finance them.
Here’s what Steven Spielberg had this to say about the new deal:
Universal is my ancestral studio home, and this next chapter in our longstanding partnership will provide Amblin with the creative flexibility and autonomy that I know will allow us to succeed together in the future. I’m eternally grateful to our entire team at Amblin for their work and dedication over the years, and also thankful to Donna [Langley] and everyone at Universal for their commitment and partnership, as we all look forward to our next adventure together.
NBCUniversal Studio Group’s chair and chief content officer, Donna Langley, also shared some remarks about the new deal, stating:
We’re excited to evolve our partnership with Steven and cement our creative legacy together that has resulted in so many iconic Universal films over the last half-century. Steven and the team at Amblin have been outstanding partners and we look forward to this next chapter.
In the midst of Hollywood’s pandemic-induced economic upheaval, the newly-renewed partnership between the studios arrives as a much-needed lifeline for Spielberg, who experienced the industry’s struggles firsthand with his latest Amblin film, The Fabelmans.
Despite earning critical acclaim and securing seven Academy Award nominations, The Fabelmans unfortunately fell short at the box office. With a production budget of $40 million and marketing expenses of $8.5 million courtesy of Universal, the film’s disappointing gross of $45.6 million underscored the challenges studios are facing in the current climate.
Unfortunately, this deal comes with a downside as it will inevitably lead to job cuts within the company. From what we know so far, Amblin plans to navigate this transition through a combination of layoffs and non-renewal of some contracts.
However, this deal primarily affects theatrical feature films and doesn’t extend to the Amblin-Netflix partnership. Moreover, Spielberg will retain creative control, which means Amblin’s magic will still be in the capable hands of the acclaimed filmmaker.
