Netflix is committed to taking down Hollywood. After releasing its original blockbuster film Bright, Netflix surprised just about everyone when it dropped a trailer for The Cloverfield Paradox during the Super Bowl, revealing the J.J. Abrams-produced sci-fi movie would forgo a theatrical release and instead debut on the streaming service. But how did such a deal get done?
A new report from The Hollywood Reporter reveals that the deal was "a rescue plan hatched by Abrams, Paramount chairman-CEO Jim Gianopulos, Netflix chief Ted Sarandos and head of original films Scott Stuber, among others."
According to sources, Paramount and Abrams, worried Cloverfield Paradox wouldn't perform well enough at the box office, sold the film to Netflix for upwards of $50 million. Paramount reportedly retains the rights for China and home entertainment.
Although The Cloverfield Paradox hasn't particularly impressed critics (sitting at just a 20% on Rotten Tomatoes at the time of this writing), both sides apparently got what they were seeking. The movie, which easily could've bombed at the box office, became "immediately profitable" for the studio. And Netflix received tremendous buzz, reaffirming its commitment towards releasing high-profile content.
This isn't the first deal struck between Paramount and Netflix, as the streaming service has also taken over international rights for the studio's upcoming sci-fi thriller Annihilation. The film, which stars Natalie Portman, is set to release in theaters domestically on February 23, while premiering on Netflix internationally 17 days later.
Despite the one-off deal for The Cloverfield Paradox, Paramount still retains the rights to future Cloverfield installments and plans to release them in theaters. That includes the upcoming WWII-set Overlord, which is set for theatrical release on October 26, and is said to be the fourth installment in the sci-fi thriller series. The film is said to have scored high in two recent test screens.
The Cloverfield Paradox is currently available to stream on Netflix.
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