Amblin Pictures by Steven Spielberg, Universal Enter First-Look Deal – Variety

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Amblin Partners and Steven Spielberg’s Universal Pictures have changed the terms of their partnership as part of a new multiyear deal. Under the new agreement, Amblin will no longer fully finance its films, as it has in the past. Instead, Universal will provide support for any Amblin movie you choose to produce.

There will be a few job cuts through a combination of layoffs and some non-renewable contracts associated with the transition.

The new relationship appears to be an acknowledgment of the challenges of finding financial partners for films aimed at adults or that don’t fit in with pre-existing franchises — in short, the kind of films Amblin has produced, which spawned the likes of Green Book’s “The Post” and “First Man” tend to do. . Compounding issues, some recent Amblin releases like “Easter” with Jo Koy and Spielberg’s biopic “The Fabelmans” have stumbled at the box office.

Amblin said the new deal gives the company more “creative and financial flexibility”. The company has not been acquired by Universal (something it was rumored to be), but will continue to operate independently.

“Universal is my ancestral home, and this next chapter in our long partnership will provide Amblin with the creative flexibility and independence that I know will allow us to succeed together in the future,” Spielberg said. “I am forever grateful to our entire team at Amblin for their work and dedication over the years, and I am also grateful to Donna [Langley] And everyone at Universal for their commitment and partnership, as we all look forward to our next adventure together.”

Spielberg will continue to make films for other studios as part of the agreement, something he’s done in the past at Warner Bros. Pictures. (“Ready Player One”) and Disney (“West Side Story”, “Bridge of Spies”).

“We are excited to develop our partnership with Stephen and solidify together our creative heritage that has resulted in many of Universal’s iconic films over the past half century,” said Donna Langley, Chairman and Chief Content Officer of NBCUniversal Studio Group. “Steven and the team at Amblin have been outstanding partners, and we look forward to the next chapter.”

Amblin will also continue its film partnership with Netflix, in addition to its television production business, which currently has over a dozen shows on television and on streaming platforms.