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Lantern Entertainment’s $289 million purchase of The Weinstein Co. assets has closed, but there is still quite a bit of dealmaking happening in response to various objections over Lantern’s assumption of contracts. On Tuesday, in papers filed in Delaware Bankruptcy Court, it was made clear that an old output deal between TWC and Netflix has been deemed terminated as of last week.
Pursuant to an agreement, the streaming giant will have no obligation to accept delivery or make payments with respect to motion pictures, television shows or any other content that hasn’t already been delivered by July 11.
This means, among other things, that Netflix won’t have to stream the third season of MTV’s Scream. Netflix previously argued that it was under no obligation to pay for new episodes because the output agreement had a “key man” provision — and that Harvey and Bob Weinstein wouldn’t be playing any role at Lantern following the closing of the sale.
Although Lantern has relented on Scream, it has gotten Netflix in return to accept delivery of the second season of Spy Kids, an animated children’s television series based on the Robert Rodriguez film.
The settlement also resolves at least Netflix’s end of a burgeoning dispute over Peaky Blinders, the TV series set in early 20th century Britain.
Endemol Shine is the producer of the series, but TWC brokered the deal for Netflix to carry the show. Around the time that sexual harassment and rape allegations surfaced against Harvey Weinstein, Netflix removed a production card for TWC, but that’s not the whole story. According to court documents, Endemol attempted to claim Weinstein TV had breached a deal arising from misconduct by Harvey, and Netflix withheld $1.6 million in licensing fees to both Endemol and TWC without clarity about which company controlled rights.
Netflix now says that upon joint instruction from Lantern and Endemol Shine or a final order entered by a court resolving the Peaky Blinders dispute, it will remit the withheld funds to the proper recipient.
Finally, without much further detail, Netflix has agreed to waive a $326,000 audit claim with respect to the sequel to Crouching Tiger, Hidden Dragon.
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