Director Steven Spielberg has just agreed to continue on as creative consultant for Universal Studios’ theme parks through 2017. The deal was inked in part to prevent Spielberg from contributing to Disney attractions where DreamWorks now resides.
Spielberg used to get a substantial cut from the parks in Orlando and Japan, receiving 5% of all gross revenue totaling about $50 million per year but the ante has now been upped to 5.25%!
The deal also delays Spielberg’s eventual payout when his contract with the parks ends. Universal has a massive debt at the moment and if they were to pay Spielberg for his stake in the parks at this moment it would be close to $250 million!
But Steven is staying until 2017 which is a pretty wise move as Universal is poised to make some big bucks over the next few years with parks opening in Dubai, Singapore and South Korea as well as the 2010 opening of the highly-anticipated “Wizarding World of Harry Potter” at the Islands of Adventure park in Orlando.
And the rich get even richer!
[Image via WENN.]
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