AMC Networks has settled a lengthy legal dispute with filmmaker Frank Darabont and the Creative Artists Agency for $200 million over the cable network owner’s long-running zombie series “The Walking Dead.”
This settlement comes less than a month before the series kicks off its eleventh and final season.
In the settlement, filed Friday to the SEC, AMC buys all the rights to “The Walking Dead” and all related spinoffs from Darabont, executive producer and creative force during the first two seasons of “The Walking Dead.” In addition to the cash payment, the settlement provides revenue sharing for future streaming exhibitions of “The Walking Dead” and “Fear The Walking Dead” to Darabont.
Darabont is an Oscar-nominated filmmaker who directed “The Shawshank Redemption.”
The settlement also includes covenants not to sue, confidentiality and waivers, among other provisions.
AMC said it took a charge of $143 million related to the settlement during the quarter ending June 30.
Darabont and CAA first launched a lawsuit in late 2013, when the series was among the most popular on television. Darabont and company had sought approximately $300 million in profit participation payouts, and the trial for the lawsuit was set to start in April 2022.
Darabont’s attorney and CAA did not immediately respond to CNBC’s requests for comment.
“The Walking Dead,” based on Robert Kirkman’s comic, premiered in 2010 and spawned spinoffs “Fear the Walking Dead” and “The Walking Dead: World Beyond.” Its final season premieres Aug. 22.
Source: Business - cnbc.com
