As Warner Bros. looks to entice top talent in Hollywood, the storied studio is sparing no expense in new deals with the likes of Tom Cruise, Leonardo DiCaprio, and Michael B. Jordan. These partnerships, while costly, may help boost Warner Bros.’s value if parent company Warner Bros. Discovery opts to sell or merge the studio. This strategy seems aimed at making Warner Bros. as attractive as possible ahead of a potential sale it’s been waiting for since 2023.
Tom Cruise and Warner Bros. Motion Picture Group heads Michael De Luca and Pam Abdy recently met in London to plot potential projects. Possibilities included an “Edge of Tomorrow” sequel and Quentin Tarantino’s upcoming film “The Movie Critic,” which has garnered interest across Hollywood. Securing the Tarantino film would align with Warner Bros.’s goal of attracting elite talent, though the studio faces steep competition from Sony Pictures.
De Luca and Abdy have also greenlit a musical “Joker” sequel, titled “Joker: Folie à Deux”, starring Joaquin Phoenix and Lady Gaga. The budget has swelled to around $200 million – a major increase over the original’s $60 million price tag. Phoenix is earning $20 million for the Warner Bros. project, while Gaga will take home $12 million.
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These lofty sums illustrate Warner Bros.’s willingness to spend big on A-listers. The same thinking applies to the studio’s new deal with Leonardo DiCaprio and director Paul Thomas Anderson. Anderson’s next film will star DiCaprio on a $20+ million salary, while Warner Bros. has allotted a $115 million budget.
Some call this fiscal irresponsibility, given Anderson’s track record. His films rarely crack $80 million at the box office globally. But Warner Bros. views these projects as key to remaining a marquee Hollywood studio amid a shifting media landscape.
Warner Bros. has also inked deals with the likes of Margot Robbie’s production company LuckyChap and director Ryan Coogler. The latter pact cedes Coogler the copyright to an unreleased Michael B. Jordan vampire film he directed after 25 years – a concession previously only granted to Tarantino.
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“There’s only so much top talent in Hollywood, and it’s very competitive and stretched thin because a lot of talent have deals in streaming,” says Jeff Bock of Exhibitor Relations. “If theatrical is going to work, you need the A-lister like Tom and Leo, and Warner Bros. is spending what they need to spend to keep this talent.”
These talent deals have drawn skepticism from rival studio executives. There are questions about the profitability of projects like Maggie Gyllenhaal’s $150 million Frankenstein film starring Christian Bale. But Warner Bros. remains set on its talent-first approach as the studio braces for a potential sale.
The two-year lock-up period expired in April 2023, freeing Warner Bros. Discovery CEO David Zaslav to sell or merge Warner Bros. Speculation has focused on a possible combination with NBCUniversal. Hence Warner Bros.’s drive to stock up on elite filmmaking talent – it’s akin to sprucing up a house before putting it on the market.
Whether this strategy pays dividends remains to be seen. But Warner Bros. is undoubtedly making an expensive gamble as rumors of a sale intensify. De Luca and Abdy are taking a talent-first approach in hopes of burnishing Warner Bros.’s status as an iconic Hollywood studio.
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