Paddington 2 has finally picked up a domestic distributor. Warner Bros. has announced that they’ve officially picked up domestic distribution rights for the family film sequel from StudioCanal.
According to Deadline, the bidding war — which included studios like Sony, Lionsgate, and Global Road — reached $30 million dollars. This is considerable since the first film cost around $55 million to make. When all said and done, this is the equivalent of the studio covering for more than half the film’s costs, assuming that this sequel will have a similar budget.
While the specifics still need to be ironed out, there will likely be enough time to do so before the film’s January 12 release date in North America.
This bidding war was incited by the Harvey Weinstein controversy. His Weinstein Company originally had the domestic rights to the film, but once it became clear that the co-founder’s scandals had some bearing in reality, StudioCanal did they best they could to distance themselves. The last thing they needed was for their kid brand to be associated with someone accused of sexual harassment and rape.
The Weinstein Company was also looking to unload this film, hoping to lock down some extra dollars and cents before filing for Chapter 11 bankruptcy.
Paddington 2 hits theaters on January 12, 2018.
Don’t forget to share this post on your Facebook wall and with your Twitter followers! Just hit the buttons on the top of this page.
SOURCE: Warner Bros. (via Deadline)