Apple is paying a reported $225 million to director Joe Kosinksi to acquire a Formula 1-themed racing movie starring Brad Pitt.
According to former Hollywood Reporter top editor Matt Beloni, who now publishes the inside-Hollywood Substack newsletter Puck, the pricey deal comes includes a $40 million fee for Pitt to produce and star in the film. The agreement also calls for an exclusive theatrical window.
Kosinkis is known for the 2017 wildfire fighting-themed tearjerker Only the Brave, as well as the highly anticipated (and highly delayed) Tom Cruise-led sequel Top Gun: Maverick.
As for why we're suddenly interested in the breathless churn of Hollywood projection development news: Netflix has openly stated its interest in expanding on the success of its docu-series Formula 1: Fight to Survive with a possible poaching of Formula 1-series broadcast rights from ESPN, with the current deal set to expire after the 2022 racing season.
“A few years ago, the rights to Formula 1 were sold,” Netflix Co-CEO Reed Hastings told Germany's Der Spiegel in September. “At that time, we were not among the bidders. Today, we would think about it.”
Would Apple overpay for a project just to lane-block a FAANG rival from a piece that would enable an organic entry into live sports?
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Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!