OFF BEAT: Universal Studios, StudioCanal kiss and make upReprints
Like the movies, where the boy and girl eventually live happily ever after, Universal Studios Inc. and a distribution company have resolved their differences in a tiff over revenue.
Universal City, Calif.-based Universal Studios and StudioCanal, a Paris-based film distribution company, produced and released 44 films as partners, including “About a Boy,” “Billy Elliot,” “O Brother, Where Art Thou?” and “Love Actually,” according to the Hollywood Reporter.
StudioCanal sued Universal Studios in February 2013, alleging that Universal failed to account for “tens of millions of dollars and likely more” from films developed by the Working Title label during their joint venture from 1999 through 2009, according to the Hollywood Reporter.
Universal countered, however, in April of the same year that its own audits revealed it had “actually significantly overpaid” StudioCanal.
Since then, the two exchanged more audit information and engaged in mediation. They announced a settlement on Monday.
Unlike most movies, though, where viewers eventually learn the details of how things turn out, this time observers are left hanging since the parties have agreed to keep terms of the deal confidential.