In Room 209, René, holding a pen and paper, glanced at Lyman on the bed before burying his head again in his calculations. Lyman, leaning back on the bed, was bored. He had been watching René, who had been busy with his calculations since they entered the room that morning. René would occasionally glance back at him, prompting Lyman to ask, "What are you doing?"
René was also worried about how to articulate his findings. Upon hearing the question, he looked up and smiled, saying, "I calculated the conditions presented by both companies and found that if our box office revenue reaches over 5 million, it's best to choose Fox Searchlight, and if we can reach 7.5 million, Focus Features is the better option."
As for EuropaCorp, the first company they approached, René instinctively excluded it from his options as their offered conditions were far less sincere compared to the other two companies they had contacted.
"Why bother with all these calculations?" Lyman asked curiously.
"Doesn't it help to have a certain expectation? Choosing one of them will give us more confidence."
"The Venice Film Festival has just begun. Why rush? There will definitely be other distributors interested in competing. Let's wait and see."
Unbeknownst to them, René, Lyman, and Thomas had already been staying here for nearly four days. During these days, they had met with other distributors who showed interest in releasing their film, and they had obtained the price ranges these distributors were willing to offer. It was evident that the situation was improving.
With the entry of other competitors, the distribution terms for "Buried" were becoming more respectful of the industry's normal profit-sharing ratio. The offer for the buyout fee also increased to €1.8M, proposed by the representative of Fox Searchlight, with a 30% share. However, the initial distribution fee of €400,000 would be deducted first from the said share.
In other words, they would be responsible for promotion only and not for the distribution costs, which would be deducted from the proceedings earned by the production side. Of course, the initial negotiations with these two companies were just the first step in selling the distribution rights of "Buried", similar to EuropaCorp.
"Hey, Lyman, René, another distributor has come to see us." Thomas eagerly shared his news as he entered the room.
Lyman lazily asked, "Which one?"
"Miramax!"
...
Chris smiled as he looked at the three visitors on the opposite side.
He had thoroughly understood the negotiation for this deal, whether it was the conditions of the competitors or the reasonable offer made by the company's screening team. It positioned him in an unbeatable position. Since two days ago when he discovered this film being shown on the street corner, he had been tracking the project. He also kept the genuine reactions of the audience in mind.
In his opinion, "Buried" was destined to be niche due to its subject matter and production aspects. This would limit its distribution in various regions. However, he saw this disadvantage as an advantage. For instance, certain art enthusiasts would undoubtedly appreciate this work, so the promotion could target this specific group, reducing a significant portion of wasted resources. In other words, it would alleviate a considerable amount of marketing costs.
"Before we begin, let me introduce myself. I'm Chris from Miramax in Hollywood."
"Yeah, I know," Lyman calmly replied. He couldn't forget this international distributor that had caused the downfall of his previous venture. When Thomas mentioned that this company was also interested in their work, Lyman initially intended to reject them outright. But for some unknown reason, he agreed to meet them.
"Well, since you're familiar with our company, I won't waste any more words. The reason for this meeting is to discuss the distribution rights for the film "Buried". It hasn't sold its rights yet, right?" Chris confidently asked.
"That's correct. The distribution rights are still with us."
"Is it about the box office or awards?" Chris playfully added, "If you're familiar with Miramax, you should know that we excel at maneuvering films to win various international awards. Oh, by the way, do you have any intentions in that regard? I mean, have you considered aiming for the Oscars?"
No director could resist such temptation, and this was precisely the advantage Chris was so confident about in securing the distribution rights for the film. In the past, he had used this tactic to persuade numerous outstanding works to abandon the offers from other distributors and join Miramax. As for whether it would really work, it depended on the consideration of the Weinstein brothers, the executives of the company. It was beyond Chris's authority as an acquisitions manager.
"Of course, no one would refuse the Oscars," Lyman pretended to be fascinated and deliberately said, "Would Miramax be willing to help with the campaign?"
Chris nodded and smiled, saying, "As long as the distribution rights for "Buried" are sold to us, we will assist in getting your work into the competition at the Oscars."
"Really?"
"Miramax has always had a good reputation in the industry. Please rest assured, Director Lyman, we will keep our promises."
"And how much are you willing to pay for the buyout of the rights?"
The fish took the bait, and Chris contained his inner satisfaction as he spoke, "€1M, how is that?"
Lyman frowned slightly, pretending to ponder, and then said, "That's too low. Fox Searchlight offered $1.8 million with a 30% profit share. Your offer..." He shook his head. "I can't agree to it."
Chris was not discouraged by Lyman's rejection. He maintained his confident demeanor and said, "€1.2M, that's my final offer."
"Still too low."
"But have you three considered that if your work makes it to the Oscars, it will be more advantageous for your future? It's not something that can be measured by just a small profit at the moment. Furthermore, we will put our utmost effort into promoting it, and Miramax will cover all the expenses involved. If you are willing to take on that part, the conditions can also be improved. How about it?" Chris's analysis poured out, filled with thoughts for the future of Lyman and his team.
Lyman contemplated for a while, seemingly hesitant, and then stood up from his seat, wearing a humble expression. "I'm sorry, Chris. Give me some time to think it over. You know, this matter is crucial for me, for our team."
A satisfied smile crept across Chris's lips. He knew Lyman couldn't resist the lure of the Oscars. With this appearance of hesitation, it wouldn't be long before he came to his senses. Chris also stood up. "Of course, you know how to contact me. Feel free to reach out anytime." He politely shook hands with Lyman and the others, watching them leave.
"Do we really have a chance to make it to the Oscars? That would be amazing!" Thomas, who had been holding back his excitement, exclaimed on the way back to the hotel.
"If we indeed have a chance to compete at the Oscars, Miramax's offer is the best," René added, fully in agreement.
Indeed, as Chris had mentioned, in this era, having a work selected for the Oscars was beneficial for the director, the lead actors, and even the production team behind it. It not only meant a rapid rise in industry recognition but also opened up opportunities for assistance from major production companies. Oscar-nominated directors are never short of opportunities to direct film projects. That's also the reason why Chris was so confident that Lyman and the others would come back to him. For these small directors in the industry, opportunities were always more important than profits.
"Yeah, it's the Oscars, a dream opportunity for so many people, and we've stumbled upon it," Thomas continued to revel in joy.
"Perhaps," Lyman said indifferently.
If he hadn't experienced that deception before, perhaps he wouldn't doubt the "sincerity" Miramax was showing. But now, he found it all hypocritical and didn't believe a word of the nonsense spoken by that person named Chris.
Over the next few days, Lyman and the others continued negotiations with several distributors. Fox Searchlight and Focus Features also started raising their offers slowly, but it was clear that they were approaching the bottom line in the minds of Lyman and his team. Each negotiation for their interests became increasingly difficult.
In addition, through the continued street screenings, Lyman also got to know several representatives from small independent distributors who showed considerable interest in "Buried". Especially with the increase in the number of viewers, many distributors began to see the market potential this film might have.
In the past two days, the daily number of viewers for "Buried" kept rising and reached its peak yesterday afternoon. The entire street corner was packed, with over two hundred people participating in the screening, and they applauded the film. Amidst this increasingly lively atmosphere, the competing distributors became more cautious. The speed at which the battle for the distribution rights switched from offense to defense far exceeded their expectations.
Some were even offering €2M for the rights, plus a 35% profit share, with no consideration for marketing costs. This was the bold final offer from Fox Searchlight, and it was their bottom line.
"€1.6M for the buyout fee. If you agree, we will immediately compete in the next Oscars and promote your work," Chris looked at Leyman calmly, revealing his own bottom line.
This was their third meeting, and Chris could sense the director's hesitation, so he increased the stakes once again.
"Prepare the contract. We'll sign it tomorrow."
Ah, he couldn't escape the temptation after all. Chris finally heard the words he wanted.
"Alright, see you tomorrow."
The next afternoon, EuropaCorp announced that they had officially taken over the distribution rights for "Buried".
When Chris heard the news, he angrily tore up the prepared contract. "F*ck! They dared to play me."