Turner and CBS Secure Rights to "Panic Room" in Multi-Million Dollar Deal
In a significant media acquisition, Turner Broadcasting System and CBS have jointly purchased the broadcast rights to Columbia Pictures' successful thriller "Panic Room" in a deal potentially exceeding $20 million, with the final amount contingent on the film's ultimate domestic box office performance.
Jonathan Katz, the Turner executive who negotiated the arrangement, referenced the impressive viewership numbers that TBS and TNT have achieved with recent theatrical releases like "The Matrix" and "The Mummy." He expressed enthusiasm about the acquisition, noting that "Panic Room" represents "a well-produced thriller and a perfect addition to our movie lineup."
While a CBS representative acknowledged the network's participation in the agreement with Columbia Pictures, they declined to elaborate on specific terms.
The comprehensive package includes exclusive rights for Turner networks to broadcast three additional Columbia films: "The Mothman Prophecies," Oliver Stone's "U-Turn," and John Carpenter's "Ghosts of Mars." CBS will not have access to these supplementary titles.
The distribution schedule grants Turner networks first access to "Panic Room" beginning September 2004, with multiple broadcast opportunities throughout a one-year period. CBS will then receive an 18-month window allowing up to three airings for a fixed fee of $5 million. The film will subsequently return to TBS and TNT for the remaining two and a half years of the five-year agreement.
HBO maintains exclusive pay television rights to "Panic Room" and the other films through an existing output arrangement with Columbia Pictures.
Industry observers note that while the theatrical film market for television remains generally subdued, several major licensing deals have recently been completed, including ABC's acquisition of Warner Bros.' first two "Harry Potter" films, Turner and The WB's agreement for New Line's "Lord of the Rings" trilogy, and a shared arrangement between ABC and Turner for Universal's "A Beautiful Mind."
The agreement comes as Columbia Pictures prepares to release potential summer blockbusters "Spider-Man" and "Men in Black II," which are expected to attract significant interest from multiple networks.
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