Joe Drake Gets $3.42 Million as Part of Lionsgate Severance Package
TORONTO - Joe Drake has exited the Lionsgate Motion Picture Group to launch Good Universe with an extra $3.42 million in his pocket.
That’s part of the severance package agreed with Lionsgate in the wake of its merger with Summit Entertainment.
Lionsgate, in a May 2 SEC filing, pointed to an April 27 confidentiality agreement with Drake where the former president of the Motion Picture Group receives $3.42 million and unspecified bonuses for the box office performance of The Hunger Games.
Drake will also get additional bonuses if future installments of The Hunger Games franchise meet box office targets.
Joining former Mandate Pictures president Nathan Kahane, Drake is launching Good Universe ahead of Cannes, armed with films from Mandate’s development slate, in which Lionsgate is a partner.