Sep 25, 2012 10:48 AM EST
Joel Silver, Producer of The Matrix, Leaves Warner Bros.
Joel Silver, producer of many hit films, is ending his 25 year relationship with Warner Bros., and receiving a $30 million payout.
The payout is in exchange for the rights to more than 30 of his films, and was a surprise to many. The payout amount was derived from a formula that takes into consideration the future earnings of the Silver Pictures library and then the outstanding amount for any debt loaned to him is subtracted.
Silver is now trying to lock down a 5 year deal with Universal, which will secure a minimum of 12 films distributed for Silver Pictures Entertainment. But, as part of the agreement, Silver must find the financing for the films himself.
In the meantime, Silver is focusing on renovations for a new office space for Silver Pictures, which will be located in the former Venice Post Office that he purchased recently.