Steven Spielberg, a longtime creative consultant for Universal Studios' theme parks, has inked an exclusive agreement that extends his deal and keeps him from developing new attractions for Disney, where DreamWorks is now based, Variety [1] reports.
The initial deal dates back to 1987 and was set to end next June, but it would have forced Universal to pay out hundreds of millions of dollars to Spielberg for his design work, according to Variety.
Spielberg currently gets 5 percent of all gross revenue generated by two parks in Orlando, Fla., and one in Japan, valued at up to $50 million a year. If the deal had terminated, those annual payments would have ended and Spielberg would have been owed one lump sum to cover the value of his stake in the Orlando parks and others for at least a year. By extending the deal, that one-time payment will now be delayed until June 2017, Variety reports.
Spielberg has consulted on a dozen attractions, included the E.T. Adventure, Jurassic Park River Adventure and Men in Black Alien Attack attractions.
Links:
[1] http://www.variety.com/article/VR1118010166.html?categoryid=13&cs=1&nid=2562