I would love to be a fly in the wall when this idea got pitched....
Same here. It probably was something like this:
Exec #1: So, what's next on the agenda?
Exec #2: Well, "Transmorphers 2" and "Monster" just wrapped. "The Day the Earth Stopped" is nearing the completion of it's three-day shoot. Editing should be finished in about two weeks. "The Terminators" starts (and finishes) filming on Thursday.
Exec #1: Right on schedule. What else can we rip off?
Exec #2: Well, we have a few ideas in mind... We're working on scripts for "Space Trek" and "G.I. John," both of which could be released by summertime.
Exec #1: How will we avoid lawsuits?
Exec #2: "Space Trek" will be centered around a space station (instead of a ship) that gets attacked by an evil alien race, the Stickons. G.I. John will focus on one super-soldier, not a team, who takes on the evil terrorist organization, S.N.A.K.E.
Exec #1: Brilliant! How about our original films?
Exec #2: ...
Exec# 1: Oh, come on, man! We're the people who made "King of the Ants" and "Hillside Cannibals!" We have to have something up our sleeve that wasn't carjacked from somebody else!
Exec #2: Well... actually, those movies weren't really too original either... but... umm... yeah, actually we do have something in mind. It's a movie about... uh... this um... giant... whale...er... I mean... SHARK, that um... can uh... leap out of the water and... uh...
Exec #1:
(clearly excited) YEAH! Now that's more like it! Go on!!
Exec #2: So yeah... the giant shark... er, MEGA shark, has been uh... frozen in the Arctic since prehistoric times... and um...
Exec #1:
(filled with glee) YES! That's perfect! Continue!!!
Exec #2: Ummm... yeah, so the mega shark was... also... uh... locked in mortal combat with... um... a giant... uh... tyrannosaurus... no, I mean the Loch Ness Monster... no sorry, a GIANT OCTOPUS!
Exec #1:
(nearly breathless with anticipation) YES!!! CINEMATIC GOLD!!!! I'm greenlighting it right now! We'll call it... hmm... what should we call it?!
Exec # 2: Oh, uh... er... Mega Shark... Versus... Giant Octupus?
Exec #1:
(orgasming) YESSSS!!!! YES!!! YES!!! MEGA SHARK VS. GIANT OCTOPUS!!! THIS WILL BE THE GREATEST MOVIE EVER MADE!!!!!!