Spielberg Passes on His 'Put' for Universal Parks

By Sharon Waxman

Published: October 20, 2009

According to SEC filings on Tuesday, Steven Spielberg has agreed to pass on his option to buy out his 2 percent of Universal theme parks proceeds and instead extended his incredibly rich deal to 2017.

According to the filing:

(f)	The first sentence of Paragraph 14 of the Agreement is hereby amended and restated in its entirety to read as follows:

"The "Termination Date" is defined to be June 7, 2017."

Waxword has previously reported that Spielberg makes an incredible $30 million a year for his "consulting" to the theme parks for Universal, an agreement that goes back to 1987.

He had the option to get bought out of that 2 percent of the gate at all Universal parks. Spielberg has agreed to pass on his option to buy out his 2 percent of Universal theme parks proceeds and instead extended his incredibly rich deal to 2017.

It also appears that the amount he will be paid for the Japanese park is being modified, but the amount has been blacked out by the SEC:

"Subsequent to the above three-year period as to the Florida Project and for all years during the term of this agreement as to the Comparable Project in Osaka, Japan known as Universal Studios Japan ("USJ"), DLP shall be paid ***% of 100% of the gross revenues, gross rentals, sales price, etc. instead of the above provided ***%."

Read the full filing here.

Previously: Spielberg's Deal in Perpetuity

Comments

October 21, 2009, 3:22AM
Mike Says

Rather than complain about the MPTF shutting down, you should feel lucky that you had if for so many years. You lucked out. Now it's back to reality where you pay your own freight, just like the rest of the world.

October 20, 2009, 10:53PM
Are We Not Men? Says

If Mr. Spielberg does not read this, then surely others who have his ear will.

The narrative about the poor couple in the MPTF, can you do nothing about it? When are we going to hear your voice Mr. Spielberg? How ashamed the industry will be when they tear down the walls of the LTC while you stand mutely by. The man who has championed the rights of survivors can do nothing to help these poor people, and save an institution that is a beacon to all?

Have you not been convinced yet that there is a crime being perpetrated upon the elderly? Has Dr. Tillman and Mr. Katzenberg convinced you so well that your convictions over-ride the pain and suffering that is happening at the Motion Picture Hospital as you read this?

This is not hate - this is a love letter to you. We are depending on you to talk to the families, hear their side, see the evidence that they and their attorneys have gathered. They want what's best for the industry, for their parents and loved ones - they are not whackos or misguided, they are for real.

Please reach out to them.

October 20, 2009, 4:25PM
Keep the Home Open Says

...And yet, neither he nor his partner, Katzenberg, chair of the MPTF, can find a small part of their hearts or wallets out of that insane amount of money to keep the 70 remaining elderly residents from being kicked out of our Industry's nursing home.

And the current residents aren't the only ones who're being affected -- please see below for a heartbreaking story about an assisted-living resident who fell and instead of being admitted to long-term care -- which remains open -- to recover on campus in the company of her husband, she was shipped off to another facility, where her health and mental state have rapidly declined. It's called transfer trauma and the MPTF denies it exists. Here's a first-hand account:

"My Mother’s condition is desperate. What started with cracked ribs has turned into a life struggle in a couple of weeks. He husband and her family are angry and frustrated about the lack of humanity demonstrated by the Motion Picture Home in preventing her from entering Long Term Care. There is no question in my mind that their decision to prevent her from recuperating in the LTC unit has contributed to, if not directly responsible for, her declining condition."