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Sources say the Glee, American Horror Story and American Crime Story executive producer has inked a four-year overall deal valued in the eight-figure range.
Under the deal, Falchuk — who is leaving his home of more than a decade at 20th Century Fox TV — will create and develop new projects for Netflix through his Brad Falchuk Teley-Vision banner. Sources note Falchuk plans to grow his banner into a larger production company, complete with his own executives. The Netflix pact will become official June 1, when Falchuk’s deal with 20th TV formally expires.
Like Murphy, Falchuk will continue to be an exec producer and work on his current series for now Disney-owned 20th TV, including Fox’s 911, FX’s Pose, American Horror Story and American Crime Story and Netflix’s upcoming The Politician.
The deal reunites Falchuk with longtime collaborator Murphy, who, like Shonda Rhimes, sent shock waves through the industry when he departed his traditional studio home at 20th TV for a massive $300 million deal with Netflix.
Falchuk joins Murphy, Rhimes and Kenya Barris as top producers from traditional studios to flock to the streaming giant. Netflix’s aggressive push for top showrunners has exploded the market for big-name talent as traditional studios are now shelling out pacts in the seven- and eight-figure range for proven hitmakers.
Falchuk becomes the latest executive producer to ink a big-bucks overall deal as the market for top talent continues to escalate given the emergence of multiple new streaming platforms, as media behemoths like Disney look to compete with more established tech giants including Netflix and Amazon. On Monday, Pretty Little Liars showrunner King left her home of a decade at Warners for a rich deal with Disney’s 20th TV, while Universal TV earlier this month re-signed The Good Place creator Mike Schur to a five-year, nine-figure pact after losing Mindy Kaling to Warner Bros. TV (where she signed a six-year, eight-figure overall deal). Fresh Off the Boat showrunner Nahnatchka Khan also moved her overall deal from 20th TV to Universal TV in February.
For 20th TV, Falchuk — like Murphy — is a big loss for the studio, which last week officially became part of the Disney fold as the media behemoth looks to better position itself for the future.
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