Universal International Studios boss Beatrice Springborn has said American buyers are open to more flexible deal-making amid the market contraction.
Speaking at the Edinburgh TV Festival in a global storytelling session, Springborn, who is also president of Universal Content Productions, said “we are able to pull some levers” in part because streamers are now willing to take rights in less territories. She used the example of reducing the window of time before the We are Lady Parts and Day of the Jackal maker can be returned the rights to a show via shorter holdback terms.
“There has been more free dealmaking in terms of rights especially as payments are getting lower,” said Springborn. “That also goes back to collaboration. We didn’t used to see a world in which SVoDs would only take one or two territories so we are able now to pull some levers.”
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In this era of market contraction, Springborn said “our job as sellers is try to take out as many risks as possible, which comes from talent, IP and the people behind [the shows being pitched].”
With less money in the market, Springborn said negotiations sometimes have to be opened up over whether budgets can be reduced on certain projects, which can be tricky.
“You have to be able to look at a story and think, ‘Can I cut $2M from that?,’” she said. “It depends on whether the writer has the appetite to do that. It is a negotiation on whether you can sacrifice the creative.”
Regardless of flexibility, Sue Naegle , who runs Dinner Party Productions, which has a deal with UCP, said there is “fear in the marketplace” leading to buyers opting for known IP. She was speaking a day after Edinburgh MacTaggart lecturer James Graham called for the creation of “new universes” in place of “tried and tested IP.”
“The more things are rebooted and are poorly made, the worse it is for original ideas,” she said. “You could argue it is ultimately better [in the long term] but that course correction will take too long.”
“Holding our nerve”
With risk-taking a central theme at this year’s Edinburgh, Marianne Buckland, who runs development for Universal-owned Downton Abbey producer Carnival, said it is getting harder to get shows away with writers who “are maybe just on the cusp, who maybe don’t have as many credits behind them.”
“But we are holding our nerve,” she added. “Yes things might be a bit slower but we are balancing a slate and are passionate about it and will get things made or die trying.”
Buckland stressed the need to work with a small slate instead of casting the net too wide. Her indie is currently forging Sarah Snook-starrer All Her Fault for Peacock, which rounded out cast yesterday.
Springborn also noted that UIS wants to do more work in the UK, which will be helped by the new relationship with Naegle’s Dinner Party.
The execs were speaking at the Edinburgh TV Festival, a day after the likes of Warren Littlefield and Anne Mensah.
The post Universal International Studios Boss Says U.S. Buyers Willing To Strike More Flexible Deals Amid Market Contraction: “We Are Able To Pull Some Levers” – Edinburgh appeared first on Deadline.
