Option A Book - Questions Fees etc

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  • Option A Book - Questions Fees etc

    First, I've used the search function on DD and found some very useful stuff already. Including the templates for different kinds of contracts and agreements.

    I am unrepresented. And have zero experience of negotiating an option, or using an entertainment lawyer.

    So, I'd really appreciate any info anyone can share about the following:
    • Ballpark figures on how much to pay an author to option their book.
    • How to figure out further payments if a screenplay based on their work makes it to production, and makes it to screen.
    • Is it worth optioning a biography, if some of the subject is in the public domain? (ie - Even an option won't ensure exclusive rights, because someone else could write/make a film based on other material regards to the same person)
    • If you've done this in the UK market, would love to hear your experience. (Especially if you are a writer. Did you use entertainment lawyer, agent, or do it on your own?)


    I know that those first two questions are 'how long is a piece of string' kinda questions. So to give some reference:
    • The book in question is a biography of a figure from the 1800s.(US)
    • The book is over 20 years old.
    • It appears that there was an option on it over 6 years ago, but that ran its course and the author tells me it is now available.
    • The author is not a 'name' writer, the subject of the book is also relatively unknown (that's part of the attraction)
    • The book is way way down the list in terms of best sellers etc


    If you've got any experience of having done this, as a writer or producer, and don't mind sharing such info, on here or DM or email, I'd greatly appreciate it.



    Cheers
    Paul
    @hairingtons

  • #2
    Re: Option A Book - Questions Fees etc

    Maybe you are aware of some of this already, but I’ll throw a few thoughts out for you since I’ve been around some optioning before and even optioned a play on my own.

    What does the author get paid for the option? It depends. Honestly. The author could ask for $50,000 for a year option, for example. It might not be even close to what an option for the book should be but they have the right to ask for whatever they want. Stephen King, one of the most successful writers out there, famously takes $1 options. He doesn’t need the money. He’s more interested in what good can be done with the story and who is working on adapting his material. King knows he’ll get his money later if something comes of it all. It’s really, truly about what the author will reasonably accept.

    If the book is not a bestseller and/or by a well known author, then they should be willing to accept from a writer who has “no money” (relative to a studio) a small sum to option it for a year or so with the built-in chance to renew the option at a low set fee for another 6 months to a year. Maybe the price is a $100. Or a few hundred. The purchase price can always be spelled out in the contract no matter how low the option price might be, so the author feels like they will not be screwed ultimately. You’re just asking for some exclusive time to see what you can do with it, of course. And if nobody else is asking, then what does the author have to lose? (Which is the way you can very gently and very tactfully put it. Very gently.) Mainly you want to show your passion and vision for the material. That’s many times more important.

    As for the actual price they would get paid, it depends again on what the author will accept. They cannot expect tons of money for a 20 year old bio about an “unknown” subject. Thus figure it a little this way possibly… How much could you honestly be paid for the script? Be realistic about it. From there consider, in essence, how much this bio (that isn’t in narrative form) actually contributes to the script so to speak in terms of a percentage in contributing to it overall – be fair. And then, as very much just an example, if think you could get $100,000 for your script and the bio is contributing say 30% to the overall script’s story, then maybe the writer could be paid $30,000 for the rights to their book if it actually all sells at the end of the day; thus, you $100K and them $30K. Again, this very off the cuff to say the least, but it is truly about what the author will accept as much as it is for a screenwriter and what they will accept for their script. It’s a negotiation. (In the option, you don’t have to mention what you think you’d be getting, of course.)

    Along these lines and as an example, Universal just picked up a short story by Gillian Flynn (“Gone Girl”). A script writer is attached as well. The reps were looking for seven figures, but because it’s only a short story and because the screenwriter doesn’t have a high quote Universal is “only” paying a high six figures for all. I don’t know for a fact, but Gillian may get pretty close to what the screenwriter is getting in terms of a split, since she has a hot hand as an author and her name has weight. (From the bestselling author of “Gone Girl” comes….)

    Should you even option the book? Probably a very good idea, particularly since you’ve already discussed some with the author. General info is public domain, but the research & details the author collected and how that info is framed in the book, quotes you might use from the book in terms of info and details, etc. are all still theirs via copyright laws. That’s why studios and companies option books/bios, not to mention being able to say it’s based on this bestselling book or whatever. It’s very wise to cover your bases. Also, at the end of the day other than hopefully just a little option money, it’s not your cost. It’s the company’s cost if they want to buy all. Just don’t make it a “literary” package deal no one can afford or wants to pay for. Keep the possible grand total a fair, smart figure.

    And as a side note, I had lunch the other day with a film school pal. During our conversation we got to talking about optioning books & scripts and he told a story about some of his friends who found a book/novel many years ago, optioned it and then went to a BIG producer, who loved it. But what did the producer do about all? He called the publisher and found out when their option ran out. Waited and when the writers went back to re-option the material from the author, suddenly the author wasn’t interested any more in working with them, because he had a better deal waiting for him from the producer. The script writers were out. The author was in. Most likely would never be a problem with a “forgotten” bio but do be sure to protect yourself and also make sure the script you write is really good so they won’t want for you to go away, of course. Also, if you develop it like a producer, so to speak, then maybe even see about getting yourself attached as an EP to the project to try to protect your involvement.

    And as it’s always noted, it would be really good to get an entertainment lawyer to look over the option for you to make sure your are covered.

    Maybe some others will jump in to offer their views and experiences but hopefully this can help a bit.
    Will
    Done Deal Pro
    www.donedealpro.com

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    • #3
      Re: Option A Book - Questions Fees etc

      Good info, Will.

      Comment


      • #4
        Re: Option A Book - Questions Fees etc

        I'm gonna do the quick version:

        Ballpark figures on how much to pay an author to option their book.
        Depends on the book's/authors heat. Could be anywhere from $1 to 1mil+. Fairly standard for a semi-functional book [meaning recently published/manuscript] is 5-10k inside the system. With an off-grid deal a few hundred is the most I'd offer. 20 year old book, I'd ofter $100 stating it was a "good faith" payment.

        How to figure out further payments if a screenplay based on their work makes it to production, and makes it to screen.
        Depends on many things/how the deal is structured/what the film does at the box office.

        Is it worth optioning a biography, if some of the subject is in the public domain? (ie - Even an option won't ensure exclusive rights, because someone else could write/make a film based on other material regards to the same person)
        Depends on how valuable you think the book is to the project. Personally, I wouldn't if it's public domain. If it's fiction or life rights etc., yes. Your call. I'm not sure it adds any value based on subject matter, if I'm understanding you correctly. I would imagine a rep would offer similar advice.

        These deals can be complex. Generally you want a lawyer to look it over.
        Last edited by surftatboy; 02-13-2016, 10:02 AM.
        DOPE CITY

        Comment


        • #5
          Re: Option A Book - Questions Fees etc

          Originally posted by Done Deal Pro View Post
          Along these lines and as an example, Universal just picked up a short story by Gillian Flynn (“Gone Girl”). A script writer is attached as well. The reps were looking for seven figures, but because it’s only a short story and because the screenwriter doesn’t have a high quote Universal is “only” paying a high six figures for all. I don’t know for a fact, but Gillian may get pretty close to what the screenwriter is getting in terms of a split, since she has a hot hand as an author and her name has weight. (From the bestselling author of “Gone Girl” comes….)
          And… her backend is very pretty, bonuses etc., that the screenwriter is surely not obliged to.

          Ps… the high six figures was *only* for the material. Separate screenwriting deal. Separate producing fees.
          Last edited by surftatboy; 02-13-2016, 10:16 AM.
          DOPE CITY

          Comment


          • #6
            Re: Option A Book - Questions Fees etc

            Thanks for the responses. Quick version and long version appreciated.

            Lots of info there DoneDealPro, excellent stuff.

            And as a side note, I had lunch the other day with a film school pal. During our conversation we got to talking about optioning books & scripts and he told a story about some of his friends who found a book/novel many years ago, optioned it and then went to a BIG producer, who loved it. But what did the producer do about all? He called the publisher and found out when their option ran out. Waited and when the writers went back to re-option the material from the author, suddenly the author wasn't interested any more in working with them, because he had a better deal waiting for him from the producer. The script writers were out. The author was in.

            And yeah, that scenario has flashed in to my mind. Ouch.I'll have a general chat with the author. It's a subject he's obviously hugely passionate about and one I love too. Best I can do is explain my (lowly) position and why I'm interested, without promising things I can't deliver.

            Take it from there.
            @hairingtons

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            • #7
              Re: Option A Book - Questions Fees etc

              Originally posted by Done Deal Pro View Post
              And as a side note, I had lunch the other day with a film school pal. During our conversation we got to talking about optioning books & scripts and he told a story about some of his friends who found a book/novel many years ago, optioned it and then went to a BIG producer, who loved it. But what did the producer do about all? He called the publisher and found out when their option ran out. Waited and when the writers went back to re-option the material from the author, suddenly the author wasn't interested any more in working with them, because he had a better deal waiting for him from the producer. The script writers were out. The author was in. Most likely would never be a problem with a "forgotten- bio but do be sure to protect yourself and also make sure the script you write is really good so they won't want for you to go away, of course. Also, if you develop it like a producer, so to speak, then maybe even see about getting yourself attached as an EP to the project to try to protect your involvement.
              I'd HATE for this to happen to me! How does one avoid this??? Not talk to any producers (or anyone) until your awesome, polished script is written?

              Would having an agent and/or manager help?

              And how does one attach oneself as an EP? And what does an EP do precisely? I guess it's different from project to project... but if you wrote the screenplay and you're the EP, what more is added on to your list of duties? Is it more hands on? Or purely a strategic move?

              Comment


              • #8
                Re: Option A Book - Questions Fees etc

                Originally posted by Terri View Post
                I'd HATE for this to happen to me! How does one avoid this??? Not talk to any producers (or anyone) until your awesome, polished script is written?

                Would having an agent and/or manager help?

                And how does one attach oneself as an EP? And what does an EP do precisely? I guess it's different from project to project... but if you wrote the screenplay and you're the EP, what more is added on to your list of duties? Is it more hands on? Or purely a strategic move?
                I wasn't around for this, of course, and it is a second hand story. But things like this can happen. I believe the guys that did this were just starting out as I recall from the story, and they had no weight or track record behind them. Also, the producer is known for being a real d***. Not a good fella to most.

                Yes, having a script written first should should help some. Also, and I don't know all the details about what went on, and how they got in for the meeting -- though I think it was a connection with one of the execs there; but this is when and where an agent can help. If CAA sends you in, then that producer doesn't want to screw over one of their clients since it could have a ripple effect. There are some nice folks out here but many operate from "fear," so to speak. You do someone wrong and it can come back to bite you later, thus you have to try to place nice many times whether it's in your character or not to do so. Again, you as a producer don't want an agency with solid clients that you will need later on upset with you.

                I wouldn't start thinking too much about being an EP on anything. Again, there is a reason you don't see this with tons of writers. Some of the bigger boys and girls get it, but that again is due to their track record of writing hits. The studio wants them so the deal is sweetened or the request granted. And/or just their agent is tough in making the deal. I remember quite some time back with an actor we were trying to get into our movie, before it was so common place, their manage was trying to get attached as EP as part of getting his client to agree to do the film. (That got squashed by production and didn't happen but the actor did sign on.)

                EPs roles on a film can vary again. An EP/line producer is doing all the stuff I noted above. I was on one film, without getting into it here, where the EP did nothing really but hang out and collect a nice check. Actually one of the producers spent time taking the EP to lunch to keep him out of the way.

                On another film I worked on, the director took an EP credit only because there were already "producers" attached. But he was really more of the producer in terms of putting all together, pushing the film through, talking to the studio, putting together the crew and "helming the ship" along with his directing duties. He didn't need really need anyone since he knew what he was going. He relied on our EP/line producer to handle the budget/numbers, scheduling, etc. More of the business stuff.

                The range of duties and what one gets to do as an EP is possibly one of the widest, most varied roles out there. It covers the gamut. Spielberg EP'ing a film would almost certainly be more about shaping the film in development, watching dailies (some), watching cuts, possibly helping to get an actor attached, good crew members on board, advice, feedback, etc. It's a name one can throw around or a powerful person to be used as necessary. And of course, the guy knows how to put together movies and is an endless resource.

                A writer as an EP on a film could possibly get it as a vanity and/or stepping stone credit, yes. But it can help keep them around more so they can see what's going on. Possibly chime in with a thought or suggestion, depending on who the director is. I'll always say, you really don't know who did what especially in cases with a bunch of producers attached unless you were there or certain key crew people can truly confirm. I'd generally lean more towards saying that an EP -- if they are not line producer -- would offer more "creative" input. Honestly, there are just no hard and fast rules with that particular title and people can always offer up exceptions to the "rule" depending on the film they worked on and the dynamics of the producing team.
                Will
                Done Deal Pro
                www.donedealpro.com

                Comment


                • #9
                  Re: Option A Book - Questions Fees etc

                  Originally posted by Done Deal Pro View Post
                  A writer as an EP on a film could possibly get it as a vanity and/or stepping stone credit, yes. But it can help keep them around more so they can see what's going on. Possibly chime in with a thought or suggestion, depending on who the director is. I'll always say, you really don't know who did what especially in cases with a bunch of producers attached unless you were there or certain key crew people can truly confirm. I'd generally lean more towards saying that an EP -- if they are not line producer -- would offer more "creative" input. Honestly, there are just no hard and fast rules with that particular title and people can always offer up exceptions to the "rule" depending on the film they worked on and the dynamics of the producing team.
                  Thanks for all the info!!

                  As a screenwriter, I totally would NOT mind being attached as an EP for "creative input." It's always a sad thing to sell a script and have no more say in what happens (I'd imagine). The possibility of staying attached in some capacity is a dream.

                  And vanity credit? I'll take it! No shame!

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                  • #10
                    Re: Option A Book - Questions Fees etc

                    Another question in regards to my initial post.

                    The author I'm talking to, who previously had an option on his work, has asked me if I would like to read a script that resulted from the option...

                    ... So, I'm thinking that's a bad move anyway, it's full of legal ramifications down the line, right?
                    @hairingtons

                    Comment


                    • #11
                      Re: Option A Book - Questions Fees etc

                      Originally posted by hairingtons View Post
                      Another question in regards to my initial post.

                      The author I'm talking to, who previously had an option on his work, has asked me if I would like to read a script that resulted from the option...

                      ... So, I'm thinking that's a bad move anyway, it's full of legal ramifications down the line, right?
                      Very Bad Idea.
                      http://www.pjmcilvaine.com/

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