Spielberg Passes on His 'Put' for Universal Parks

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 [1] 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. [2]

Previously: Spielberg's Deal in Perpetuity [1]

Published Date:

2 years 16 weeks ago

Tags: Deal Central [3], Steven Spielberg [4], Universal Studios [5]