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"Turnaround"
There is a process called "Turnaround".
Sony has paid money and invested in a project. They might have paid for script rewrites, location scouts, concept designs, office space and personel, rights to songs, artwork, already hired talend, etc...
Now Sony has decided that they do not want to go ahead and make the movie so they have two choices... just forget about the project or put in in turnaround.
Turnaround kinda puts the project up for sale to other studios. Universal came in and bought the project. Now Universal owns whatever Sony had (script, director contract, research, rights to songs, insurance, talent contracts, etc). Universal can now complete the project from where Sony left off and Sony gets the money that they invested in the project back (with a little interest)
Lots of times this happens when change in studio management happens. Studio Chief A really liked the project but ended up leaving the studio and the new studio head does not like the project and tries to get rid of it.
Sometimes a studio has a big name director or big name actor attached to the project who backs out and now the studio does not want to move forward without them (like Bale dropping out of JOBS).
Sometimes a studio will drop a project when the budget starts getting out of hand.
Draft Day starring Kevin Costner was put into turnaround when the studio thought that a film about the NFL would not make money overseas (link)
Disney put The Lord Of The Rings into turnaround because the studio wanted it made as one movie but Peter Jackson wanted to make it two movies shot back to back. Disney let them have 4 weeks to find a new studio ... and they did (link)
Fortune article says SJOBS was sold to Universal for $30 million. Can any of you industry folks tell me...... Nov 25, 08:30
Link to article..... Nov 25, 08:30
maybe that's how much was already put into development of it, securing necessary rights, etc... Nov 25, 08:49
"Turnaround" Nov 25, 09:59
Heh - that studio was right about Draft Day Nov 25, 10:11
You think that's bad look at the foreign. Only a lil more than $600k foreign box office. {nm} Nov 25, 11:01
That was exactly my point (of course, it didn't get released in any markets outside the Western hemisphere) {nm} Nov 25, 11:09
(actually, I misspoke - some small markets in Europe and Asia as well, but none of the big ones) {nm} Nov 25, 11:15
Interesting. Did not know that about LOTR {nm} Nov 25, 11:00
they could have gotten the Bill Gates bio a lot cheaper but it would be a sucky imitation {nm} Nov 25, 12:02
and half of the movie would be nothing but shots of a blue screen {nm} Nov 26, 06:20
