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And Paramount Vantage is no more

Old 06-04-08, 11:49 PM
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And Paramount Vantage is no more

Paramount Vantage, Paramount combining operations
Wednesday June 4 10:01 PM ET

Paramount Pictures said Wednesday it will combine its marketing, distribution and production functions with indie label Paramount Vantage.

Rob Moore, vice chairman of Paramount Pictures, said in a statement provided Wednesday that the combination of the two Los Angeles-based units of Viacom Inc. will be more efficient.

The merger will initially result in the loss of three executive positions, said a person familiar with the situation who was not authorized to comment publicly and requested anonymity.

It was unclear if further jobs might be lost or when the combination will occur, the person said.

Paramount Vantage, which produced the double Oscar-winner "There Will Be Blood" released last year, is the latest indie movie label to be merged into the larger operations of the same company.

Time Warner Inc. said last month it would close its Picturehouse and Warner Independent Pictures film studios and eliminate 70 jobs.

That followed the layoff of 450 people at New Line Cinema, which was absorbed into Warner Bros.

ANOTHER ARTICLE

Paramount cuts art-house unit after Oscar glory
Wednesday June 4 2:01 AM ET

Paramount Pictures has downsized the art-house division that helped produce the Oscar-winning movies "No Country For Old Men" and "There Will Be Blood."

Paramount Vantage will continue as a production label under president Nick Meyer. But the 2-year-old studio's marketing, distribution and physical production departments will be taken over by its parent. Three senior positions are being cut, including that of Vantage distribution executive vp Rob Schulze.

The art-house division partnered with Miramax Films on both best picture Oscar winner "No Country For Old Men" and "There Will Be Blood," for which Daniel Day-Lewis won the best actor statuette. Other notable releases included "Into the Wild" and "An Inconvenient Truth."

Studio specialty divisions have taken a hit in Hollywood recently. Warner Bros. last month shuttered its Warner Independent Pictures and Picturehouse units.

Reuters/Hollywood Reporter

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Old 06-05-08, 12:28 AM
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Well, this may not be that bad. They are keeping the label, so it doesn't sound like they will stop producing those kinds of films. They'll just be distributed by Paramount.
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Old 06-05-08, 02:58 AM
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I agree with Drexl...it might not be all that bad.
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Old 06-05-08, 03:14 AM
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werent most of their bigger movies co produced by miramax as well (blood, country and babal come to mind)
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Old 06-05-08, 03:36 AM
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No Country For Old Men
There Will Be Blood
Into the Wild


That's a pretty great 2007. I hope whoever greenlit those films still has a job in the company.
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Old 06-05-08, 07:37 AM
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Maybe they shouldn't have spent over $40 million alone in Oscar advertising for There Will Be Blood.
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Old 06-05-08, 08:05 AM
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Originally Posted by chris_sc77
Maybe they shouldn't have spent over $40 million alone in Oscar advertising for There Will Be Blood.
Where'd you get that figure from?
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Old 06-05-08, 08:24 AM
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Entertainment Weekly contacted Paramount vantage and t was revealed how much was spent on Oscar campaigns for No Country for Old Men (Close to $50 million!!!) and There Will Be Blood ($40 million). They even said it was questionable why Paramount would spend more on the Oscar campaign alone than the film even made.
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Old 06-05-08, 09:59 AM
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Those numbers just don't seem right. The whole point of Oscar campaigns is to influence the voters. And there's only a few thousand voters. That doesn't take enormous ad buys, so where do all those millions go? Bribes?
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Old 06-05-08, 10:07 AM
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According to a Variety blog entry (by the deputy editor), Paramount Vantage made money on only 3 movies - No Country for Old Men, Son of Rambow, and An Inconvenient Truth - and claims "FALSE: There Will Be Blood lost tons of money. Let's call it, after a lengthy Oscar campaign, breakeven."

So that means they lost money on:
The Kite Runner
Into the Wild
Margot at the Wedding
Beneath
Arctic Tale
How She Move
Year of the Dog
Black Snake Moan
Babel
Ask the Dust
Shine A Light

Amongst others.

Shame.

Last edited by RichC2; 06-05-08 at 10:09 AM.
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Old 06-05-08, 10:09 AM
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Oscar campaigns are expensive once you factor in daily ads in Variety and The Hollywood Reporter, Screeners, special events, gifts and finally consulting firms that tell you were to focus your money. Even with that I can't believe those numbers, just 4 years ago the combined total of money spent on oscar campaigns between Variety and THR was $42 mil. To think that Paramount Vantage spent $90 mil on 2 movies seems a little absurd.
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Old 06-05-08, 10:12 AM
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^Yep that sadly sounds rather accurate. There will Be Blood was my favorite movie of last year and in ways it was great to see Paramount Vantage advertise the heck out of it but ultimately the people are to blame for not coming to see the film. Total costs for the film (Production, advertising, Oscar campaign, etc.) would probably be about $90 million.
It made about $75 million worldwide.
But it did do really well n rental grosses so overall in a few years it will probably end up not being considered a bad investment on the studios part.
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Old 06-05-08, 10:14 AM
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Originally Posted by Jericho
Those numbers just don't seem right. The whole point of Oscar campaigns is to influence the voters. And there's only a few thousand voters. That doesn't take enormous ad buys, so where do all those millions go? Bribes?
The wording isn't the greatest is all, they spent $40m on prints (reels) and advertising the movie, period. The fact it was nominated for a lot of oscars makes it an "oscar campaign".

Originally Posted by Entertainment Weekly
While No Country for Old Men and There Will Be Blood were the big winners at the Academy Awards, those Oscar statues came at a hefty price. Sources tell Hollywood Insider that Miramax spent some $55 million on prints and advertising for its U.S. release of No Country; one Miramax insider puts the price tag closer to $45 million. Regardless, either figure cuts significantly into the $64 million the film has grossed domestically. Meanwhile, for Blood's Daniel Day-Lewis to take home "the handsomest bludgeon in town," Paramount Vantage spent in the low $40 million range. That movie has only earned $35 million at the box office. (The studio had no comment.) What's so telling about these figures is that the marketing bills have now exceeded the $30 million that it cost to produce each of these movies. The money hasn't stopped flowing either -- at least not from Miramax's coffers: Though No Country has already been in theaters for 16 weeks, this weekend marks its widest release yet, on some 2,000 screens.
TWBB's total cost probably came out to be around $65m - $70m, only $25 - $30m of which was used in the movie itself. After Box Office, International rights, Cable sell off, PPV, DVD sales, Downloads, etc; I can certainly see it as a break even at this point, which is ashame - but at the same time, at least they didn't lose money on making a quality film.

Last edited by RichC2; 06-05-08 at 10:24 AM.
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Old 06-05-08, 10:18 AM
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^And you have to remember that was written at least a week or two before the Oscars aired. They had to spend additional money to advertise on OScar Weekend and after the Oscars with the ads saying "Come see the winner of Two Academy Awards, including Best Actor...." and then they had to advertise the DVD release.
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Old 06-05-08, 10:27 AM
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Actually, this one was written 3 days after the Oscars (it even refers to them as "winners"). But just the same, I'm sure there were some additional costs after that (though I saw a fall off in advertising for it after the oscars, and a boost in NCFOM's advertising).
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Old 06-05-08, 11:23 AM
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A shame, considering the studio's run was monumental in the past couple of years. Their first release got a Best Picture nom (Babel), and No Country for Old Men and There Will Be Blood are potentially this decade's two best films. Into the Wild was also a superb film.

Also, Black Snake Moan has to be the most criminally underrated film of the decade IMO, featuring Samuel L. Jackson's best performance since Pulp Fiction and an amazing turn from Christina Ricci, yet it was virtually ignored by the public. I'd rank it among my top 5 movies of last year.
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