Warner Bros. Signs Deal with 'Riverdale' Producer Greg Berlanti Worth Over $300 Million
June 07 2018 - 3:27PM
Dow Jones News
By Joe Flint
Time Warner Inc.'s Warner Bros. has signed a lucrative,
long-term agreement with Greg Berlanti to keep the prolific TV
producer in its stable, the latest sign of an arms race for talent
in the entertainment industry.
Terms of the pact weren't disclosed, but people familiar with
the matter put its value at more than $300 million, making it among
the most expensive agreements ever for a producer. The deal runs
through 2024.
Mr. Berlanti produces several hit shows, including " Riverdale"
and "Arrow," which air on the CW Network, a joint venture of Warner
Bros. and CBS Corp.
The high price for the deal comes as Netflix and Amazon have
been spending heavily on producers as they build scale in original
TV programming.
Over the past two years, Netflix spent several hundred-million
dollars on production deals for Ryan Murphy, the creative force
behind the "American Horror Story" franchise on FX, and Shonda
Rhimes, who created the ABC hits "Scandal" and "Grey's
"Anatomy."
And just this week, Amazon signed a deal with Jordan Peele,
producer and director of the hit movie "Get Out," that will give
the company a first-look at potential series from Mr. Peele.
For Warner Bros., holding on to Mr. Berlanti was seen as crucial
not only for his key role at the studio but to also send a message
to the rest of the creative community that it is prepared to step
up when it comes to retaining talent.
"It's a message not only to our creative community but the
creative community at large," said Kevin Tsujihara, chairman and
chief executive of Warner Bros. Entertainment.
Mr. Berlanti had two more years left on his existing pact with
the studio, but his team and Warner Bros. wanted to lock him down
now, according to people familiar with the matter. A person close
to Mr. Berlanti said the producer didn't entertain any rival
offers. Mr. Tsujihara and Warner Bros. Television Group President
Peter Roth handled the negotiations.
In addition to its shows on CW, Berlanti Productions also has
programs on NBC and CBS as well as Netflix.
"Being at Warner Bros. allows him to do things that would be
hard for him to do at other places, like having 14 series in
production on six different platforms," Mr. Tsujihara said.
Mr. Berlanti is also a movie producer and director whose credits
include the well-received " Love, Simon." His movie deal is with
Twentieth Century Fox, a unit of 21st Century Fox, which shares
ownership with Wall Street Journal parent, News Corp.
(END) Dow Jones Newswires
June 07, 2018 15:12 ET (19:12 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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