Apple TV+ spends millions to hire 'F1' team for UFO thriller
Despite recent caution and reducing of budgets, Apple TV+ has reportedly spent tens of millions of dollars to be the studio to make the next project from the team behind "F1."
Brad Pitt in a teaser image for 'F1'
In a least a sign of confidence in how its blockbuster "F1" movie is going to be received, Apple TV+ has now beaten off competition from other studios to sign Joseph Kosinski and Jerry Bruckheimer's for an as-yet untitled UFO conspiracy thriller. The deal comes after it was reported that "F1" could be Apple's last major theatrical release, following low box office returns for many of its movies.
According to The Hollywood Reporter, Apple has confirmed that it has signed the pair, but not disclosed any details of the project or contract. Other sources, however, report that the deal was worth a quoted dozens of millions of dollars.
While there is no more precise detail, Kosinki is currently expected to direct in what's said to be an eight-figure deal. Then Bruckheimer, best known for blockbusters including "Top Gun" and "Pirates of the Caribbean," is also set to receive a producing fee in the mid-seven figures.
Similarly, Zach Baylin, who co-wrote "Gran Turismo," is set to write the script and if he remains the sole writer, will also get a mid-seven figure fee.
These sums are specifically for these above the line people, the major talent involved in the project. It does not include the production budget for the film, which for "F1" was reported to be around $300 million.
Above the line fees are rarely disclosed so it's not possible to compare these deals to those of other productions. However, The Hollywood Reporter describes Apple's deal as "unusually rich" for the writing and producing talent.
The story concerns a large-scale UFO conspiracy centered on two National Security men who uncover a program to reverse-engineer alien technology. The film project involves David Grusch, who has testified in front of Congress, claiming to have seen proof of such a program in real life.
Reportedly, the price of the project was driven up by how multiple studios were involved in the bidding process. Initially, those studios did not include Apple, but ultimately it beat out Warner Bros., Paramount, Skydance, Sony, and Amazon.
It came down to Apple and Amazon, with the latter having set out to make theatrical releases a priority. Apple, on the other hand, appears to have decided to cut back on theatrical releases.
Motor racing movie "F1" is being distributed theatrically in partnership with Warner Bros., though, and reportedly Apple could look to make a similar deal with a partner for the UFO film. If it does, that means a theatrical release would happen, and the producers, directors and writer would potentially qualify for what's called backend participation, increasing their earnings.
"F1" is now due to open in IMAX theaters on June 27, 2025, in the US. It's getting released in the rest of the world from June 25, 2025.
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Financing one movie or TV show is better than buying a failing Movie/TV studio let Microsoft or Google continue to do the big boondoggle acquisition honors…..