Wednesday, December 11, 2013

Weinsteins Sue Warner Over 'Hobbit' Profits

Weinsteins Sue Warner Over 'Hobbit' Profits: "The Weinstein brothers filed a lawsuit against New Line and Time Warner seeking $75 million in damages over the companies' decision to split "The Hobbit" into three films, but only paying the Weinsteins for the first movie.

"This case is about greed and ingratitude," the Weinsteins said in the lawsuit, filed in New York, according to industry journal Variety.

The Weinsteins said they invested $10 million in developing "The Hobbit," when New Line acquired the rights in 1998 and agreed to pay five percent of the profits from the first film to the brothers.

But Warner Bros said in a statement that the Weinsteins, owners at the time of Miramax, had simply made a bad deal.

"This is about one of the great blunders in movie history," said a statement emailed to AFP by Warner Bros spokesman Paul McGuire.

"Fifteen years ago Miramax, run by the Weinstein brothers, sold its rights in 'The Hobbit' to New Line. No amount of trying to rewrite history can change that fact," it added."

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