Under the new deal, according to sources, Legendary has the right to select or "cherry-pick," as insiders are calling it which Universal films the company will co-finance, and it has the leverage to opt in at varying percentages, depending on the project. Legendary will be required to meet a minimum overall obligation, as was the case with its Warner Bros. deal. But another source, familiar with the deal said that a pre-agreed selection process allows Legendary the option to finance only certain Universal films and not the entire slate.
That shouldnt be a problem, though. Given Legendary's deep pockets and its recent success co-backing Warners films like The Dark Knight Rises and Man of Steel, Universal likely will change the types of films it puts into production as well as increase its overall output. The Legendary deal gives Universal its first major financing partner since its slate financing deal with Relativity ended in 2011.
At Warners' premiere for del Toros Pacific Rim on Tuesday night, speculation swirled about another proposed del Toro film, At the Mountains of Madness, an expensive Cruise vehicle that Universal pulled the plug on in 2011 after the budget ballooned. Cruises presence at the premiere is sure to stoke talk that the movie could now be revived as a Legendary/Universal project -- though a source said Cruise attended the premiere as a guest of Warners rather than Legendary.
Del Toro, who was unaware that Universal and Legendary were on the verge of closing a deal even as the premiere was about to take place, said: Thomas is a big fan of the screenplay and the project. So it bodes well for that."
He added: Im a great fan of Legendary. I think Legendary has a strong genre instinct. And they are very aware of the zeitgeist of the culture, so I think its a great fit with any studio.
A number of Universal and Legendary insiders, who were on hand, offered a vague response. Said one, while arching eyebrows, We shall see, we shall see.
A pricey gamble like At the Mountains of Madness would fly in the face of NBCUniversals recent fiscal prudence -- but having a partner in Legendary could now make it feasible.