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Apple has inked a deal for an untitled Formula One racing movie starring Brad Pitt — and it could change how streams and theatrical film distributors interact.
The deal took about five months to complete, and sees Apple acquire the rights to the untitled film by Joseph Kosinski, according to The Hollywood Reporter.
Reportedly the deal reunites Kosinski, who directed "Top Gun: Maverick," with other production members of that film. That includes writer Ehren Kruger and producers Jerry Bruckheimer and Chad Oman.
Beyond the flashiness of Kosinski and Pitt, the intricacies of the deal are also noteworthy. The movie will have an exclusive and global theatrical run of at least 30 days — or as high as 60 days — before it hits Apple TV Plus. A distribution partner will need to sign on to the project, and it isn't clear when one will be approached.
In another first for film deals, insiders told the Hollywood Reporter that Apple and the filmmakers will split the take from the theatrical run 50-50. It pays the creative team in three ways, including through upfront fees, buyout fees, and theatrical backend.
Kosinski and Bruckheimer could see paychecks well into the eight figures, while Pitt could rake in $40 million to $50 million.
This would not be the first time that Apple has released one of its original films in theaters. It did so with "Wolfwalkers" and "The Tragedy of Macbeth." However, the scale of this particular deal will see the theater run become much more of an extravaganza.