By David Poland poland@moviecitynews.com
Sundance, Or What's Left Of It
As most buyers pack their bags to head home, Spread, I Love You Phillip Morris, The Greatest and World’s Greatest Dad could sell by tomorrow… if sellers are to be believed.
The reality is that by Wednesday at any Sundance, bidding wars are replaced by wars of attrition. Buyers know they have the upper hand and can afford to be patient – the 800 job cuts at Warners and stock market dive yesterday didn’t put the wind in anyone’s sails, reminding distribs that their slates could be cut back by corporate overlords in a few months anyway.
But that’s not to say Sundance has been disappointing – far from it. The magic number seems to be $3 million – the approximate check from Lionsgate for The Winning Season and Sony Pictures Classics for An Education – certainly not disappointing considering their lack of star power. The nearly $5 million Brooklyn’s Finest raked in from Senator (plus hefty p&a and back end) can be viewed as a good sale given some fiercely negative reaction to some of it, and that the film still needs work.
Even if there’s no $10 million-plus buy like Little Miss Sunshine or Hamlet 2, people seem happy the films are good, and that slower sales will mean better deals on films likely to have legs with audiences.
In the rumor mill, Summit’s name is being floated for both Spread and Morris, but back-end deals for those films big stars seem to be dragging things along. Push has Weinstein Co. and BET potentially circling for a joint deal. The BET side will presumably help assure buyers the film won’t get dumped or sold elsewhere like several other TWC buys in the past. If talks drag, a distributor like SPC could make a post-fest buy.
Nervous sellers of smaller movies might be more quick to accept a modest, early deal on a gem like Don’t Let Me Drown, Peter and Vandy or several others picking up acclaim.
What’s making buyers most hesitant, it seems, are documentaries. They can afford to wait for such acclaimed films as Passing Strange, The September Issue or Art & Copy, given home audiences saturated with nonfiction fare.