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Skydance Media has a 'lucrative and rarified' deal with Apple TV+

Jane Fonda In Luck
Jane Fonda In Luck (Image credit: Apple)

What you need to know

  • Skydance Media reportedly has a "put deal" with Apple.
  • The deal promises two feature film projects with budgets as high as $125 million.
  • Their first project, the animated film "Luck," will premiere on August 5.

Apple has apparently paid big bucks for its partnership with Skydance Media.

As reported by Variety, the "Mission: Impossible" and "Top Gun: Maverick" production company has carved out a "lucrative and rarified" deal with Apple. According to the report, Skydance Media has a "put deal" with Apple TV+, meaning that the streaming service is "obligated to release movies its partner chooses."

Apple Tv Plus Luck

Apple Tv Plus Luck (Image credit: Apple TV+)

The agreement reportedly grants Skydance two feature films with budgets up to $125 million but does not guarantee a theatrical release for either project.

Though not unprecedented, industry observers say the deal between Skydance and Apple is among the richest received by any production company. Under the terms of the pact, Skydance is guaranteed at least two fully-financed feature films per year with budgets up to roughly $125 million, numerous insiders close to the situation said. Skydance is also guaranteed a payout of up to $25 million per picture, depending on certain budget thresholds. That money compensates Skydance for the backend profits it theoretically would have reaped if the film were a conventional box office success. The movies that Skydance releases for Apple are not guaranteed theatrical runs.Under the terms of conventional "put deals," Skydance could theoretically put a movie into production and force Apple to finance and release it, though that would be extremely unlikely. Doing so would put an unnecessary strain on the alliance by essentially handcuffing Apple to a movie it didn't want to make. In the past, companies with "put deals" have usually ensured that any movies they make have the enthusiastic backing of their distribution partner.

One of the first projects to come from Apple and Skydance will be "Luck," a new animated film currently slated for release on August 5, 2022. It will be the first animated feature from Skydance Animation.

If you want to ensure you get the best video quality out of any Skydance film, check out our list of the Best TVs for Apple TV 2022.

Joe Wituschek
Joe Wituschek

Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.