Arrowverse showrunner Greg Berlanti signs a $300 million deal with Warner Bros for a six-year renewal pact
Greg Berlanti, the man running DC's Arrowverse, has signed a huge deal with Warner Bros Television that may rise upto $400 million
'Arrowverse' showrunner, Greg Berlanti, has signed a massive deal with Warner Bros Television.
According to Variety, the deal is worth more than $300 million and keeps the showrunner with the network until 2024. The deal that covers a six-year term could rise to as much as $400 million given the guarantees Berlanti and his company will realize on future shows.
Greg Berlanti Signs Massive Six-Year Renewal Pact With Warner Bros. TV Valued at More Than $300 Million https://t.co/JT5TfBxW0c— Variety (@Variety) June 7, 2018
This deal is more of a structured acquisition with Warner BrosTV Group gaining Berlanti's production company and providing 'significant tax benefits.' The acquisition has conquered Berlanti’s profit participation points in the 14 existing shows, spread across six networks, not counting two animated series for the CW Seed digital platform.
While Netflix is shelling out a nine-figure pact to get Ryan Murphy to make exclusive content for it, Warner Bros has taken a smart move. Keeping Berlanti was crucial for Warner Bros. TV, not only to keep producer, engineering the show, but also to send across a message to the likes of Netflix, Amazon, and Apple, that the studio is willing to play in the big-league moneyball game.
However, Berlanti's deal with Warner Bros covers only TV, so if Berlanti wants to make another 'Love, Simon' then he's free to go ahead and do it.
It is also notable that Berlanti and his team did not approach other studios and platforms prior to renewing their vows with Warner Bros. TV. Sources close to the situation told Variety that Berlanti is known for his loyalty to friends and colleagues and had no interest in moving from his longtime studio home.
Warner Bros TV Group chief Peter Roth and studio head Kevin Tsujihara courted the producer with a long-term renewal. Berlanti’s previous deal still had two years to run, but that time frame is now superseded by the new pact.
"I'm incredibly grateful to Peter Roth, Kevin Tsujihara, Craig Hunegs, Susan Rovner & Brett Paul and everyone else here at Warner Bros who has provided me with such a wonderful home to tell stories for many years – and now many years to come," Berlanti said.
Further thankful, he added; "A lot has changed about TV since I started working in it 20 years ago, but what hasn't changed is how blessed I feel to come to work every day, where I work with the most talented, hardest-working company, executives, showrunners, actors, writers, directors, casts and crews in the business. I'm eternally grateful to all of them and to the audiences that have watched our shows."
"And finally, I'm thankful for the love, guidance and support I get from my husband, my family and my friends, which make moments like this one possible and all the moments in between the real reward," he concluded.