“The last time I got paid full freight was The Perfect Storm, when I had no back end,” he said. “From then on, I’ve taken a minor partial upfront payment and gambled on the back end on all my movies. Some have underperformed, but they have never been designed for huge grosses. I’ve gambled and invested as much as a studio; if they’re making a film for $15 million and I put my $7.5 million in the pot, we’re all investors who are staked in its performance. I’m comfortable with that.”
Clooney noted how well that strategy worked for his pal Steven Soderbergh, who teamed with Channing Tatum to personally underwrite the budget of Magic Mike. The film was a big hit, a sequel is in the works, and so is a Broadway musical. Soderbergh told me at Cannes that his wager should result in the biggest payday of his career.
“What a way for Steven to go out, at the end of his movie career he hits the jackpot,” Clooney said. “I watched so many times as he gave back money and percentages to get actors. I applaud both Steven and Channing.”
I reached out to Third Point, and if there is any response by Loeb to Clooney’s assessment, I will add it after Third Point has a chance to absorb the story. Loeb, by the way, is an investor in Variety with Deadline’s parent company PMC.
Article Appeared @http://movies.yahoo.com/news/george-clooney-hedge-fund-honcho-daniel-loeb-stop-161611465.html