American businessman Peter Chernin and his Chernin Entertainment banner are leaving their almost decade-long production agreement with Disney-owned 20th Century Fox. The collaboration with the 20th century, was a prime hit for Chernin, witnessing Oscar-nominated blockbusters like The Greatest Showman and franchises, including Planet of the Apes.
The latest news comes in the same week as Chernin/Fox project Ford v Ferrari, which has already made $111million internally, also earned a best picture Oscar nomination. However, the exit has marked no major surprise for the industry insiders, who had already cited how Chernin’s potential and its producing deals did not match with Disney’s model.
Meanwhile, Disney for its part did not have producing deals like Chernin, as it relied on its counterstrategy of making less original movies and relying more on library titles.
“I have nothing but praise for Disney,” said Chernin in a statement. “They were gracious, classy and paved the way for me to continue to build the company however we want,” he added.
Chernin Entertainment will retain 70 of the 80-plus movie projects that it had in development at the studio. An in-development work that will remain at Disney is a new Planet of the Apes movie, which is directed by Wes Ball.
However, it is still not known what will happen to the trio of the films based on R.L. Stine’s Fear Street book series. The production for it wrapped last year with Gillian Jacobs and director Leigh Janiak.
After Chernin stepped down as the president of the Fox’s then-parent company, News Corp. in 2009, he came back with Chernin Entertainment as a film production company. The company announced its arrival with a major 2011 hit Rise of the Planet of the Apes. Over the next eight years, Chernin produced more than 20 titles, with majority of them at Fox.
The turning point, however, came as Disney announced $71.3 billion acquisition of the Century Fox last March. Disappointingly, it didn’t turn much the way Disney would have wanted to, especially after films underperformed at box offices in 2019. The situation posed $170 million loss in Disney’s fiscal third quarter.
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