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{{Infobox company
{{Infobox company
| name = Carolco Pictures, Inc.
| name = Carolco Pictures, Inc.
| logo = Carolco-logo-png-transparent.png
| logo = [[File:Carolco-logo-png-transparent.png|frameless|class=skin-invert]]
| type = [[Private company|Private]]
| type = [[Private company|Private]]
| traded_as =
| traded_as =
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*: [[Lionsgate Films|Lionsgate]] (U.S. theatrical and home video distribution rights only)
*: [[Lionsgate Films|Lionsgate]] (U.S. theatrical and home video distribution rights only)
*: [[Rialto Pictures]] (U.S. theatrical distribution rights to select titles only)
*: [[Rialto Pictures]] (U.S. theatrical distribution rights to select titles only)
*: [[Warner Bros.]] {{small|(through [[Turner Entertainment]])}} (U.S. theatrical and home video distribution rights only)
*: [[Sony Pictures]] {{small|(through [[TriStar Pictures]])}} (U.S. theatrical and home video distribution rights to ''[[Cliffhanger (film)|Cliffhanger]]'' only)
*: [[Sony Pictures]] {{small|(through [[TriStar Pictures]])}} (U.S. theatrical and home video distribution rights to ''[[Cliffhanger (film)|Cliffhanger]]'' only)
*: [[Paramount Pictures]] {{small|(through [[Republic Pictures|Melange Pictures]])}} (television, online streaming and digital distribution rights only)
*: [[Paramount Pictures]] {{small|(through [[Republic Pictures|Melange Pictures]])}} (television, online streaming and digital distribution rights only)
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}}
}}


'''Carolco Pictures, Inc.''' was an American [[independent film]] studio that existed from 1976 to 1995, founded by [[Mario Kassar]] and [[Andrew G. Vajna]].<ref name="filmlexikon">{{Cite web|title=Carolco Pictures [Das Lexikon der Filmbegriffe]|url=https://filmlexikon.uni-kiel.de/doku.php/c:carolcopictures-1716|url-status=live|access-date=2021-08-12|website=filmlexikon.uni-kiel.de|language=de|archive-url=https://web.archive.org/web/20210812164357/https://filmlexikon.uni-kiel.de/doku.php/c:carolcopictures-1716 |archive-date=August 12, 2021 }}</ref> Kassar and Vajna ran Carolco together until 1989, when Vajna left to form [[Cinergi Pictures]]. Carolco hit its peak in the 1980s and early 1990s, with blockbuster successes including the first three films of the [[Rambo (franchise)|''Rambo'' franchise]], ''[[Field of Dreams]]'', ''[[Total Recall (1990 film)|Total Recall]]'', ''[[Terminator 2: Judgment Day]]'', ''[[Basic Instinct]]'', ''[[Universal Soldier (1992 film)|Universal Soldier]]'', ''[[Cliffhanger (film)|Cliffhanger]]'' and ''[[Stargate (film)|Stargate]]''. Nevertheless, the company was losing money overall and required a [[corporate restructuring]] in 1992. The 1995 film ''[[Cutthroat Island]]'', intended to be a comeback for the studio, instead lost $147 million and brought the company to an end.<ref>{{cite web |url=https://www.denofgeek.com/movies/the-rise-and-fall-of-carolco/ |title=The rise and fall of Carolco |last1=Lambie |first1=Ryan |date=11 March 2014 |website=Den of Geek |access-date=11 March 2014}}</ref>
'''Carolco Pictures, Inc.''' was an American [[independent film]] studio that was founded by [[Mario Kassar]] and [[Andrew G. Vajna]] in 1976.<ref name="filmlexikon">{{Cite web|title=Carolco Pictures [Das Lexikon der Filmbegriffe]|url=https://filmlexikon.uni-kiel.de/doku.php/c:carolcopictures-1716|url-status=live|access-date=2021-08-12|website=filmlexikon.uni-kiel.de|language=de|archive-url=https://web.archive.org/web/20210812164357/https://filmlexikon.uni-kiel.de/doku.php/c:carolcopictures-1716 |archive-date=August 12, 2021 }}</ref> Kassar and Vajna ran Carolco together until 1989, when Vajna left to form [[Cinergi Pictures]]. Carolco hit its peak in the 1980s and early 1990s, with blockbuster successes including the first three films of the [[Rambo (franchise)|''Rambo'' franchise]], ''[[Field of Dreams]]'', ''[[Total Recall (1990 film)|Total Recall]]'', ''[[Terminator 2: Judgment Day]]'', ''[[Basic Instinct]]'', ''[[Universal Soldier (1992 film)|Universal Soldier]]'', ''[[Cliffhanger (film)|Cliffhanger]]'' and ''[[Stargate (film)|Stargate]]''. Nevertheless, the company was losing money overall, requiring a [[corporate restructuring]] in 1992. The film ''[[Cutthroat Island]] was'' produced as a resurgence for the studio, but it instead lost them $147 million, and the company eventually went defunct at the end of 1995.<ref>{{cite web |url=https://www.denofgeek.com/movies/the-rise-and-fall-of-carolco/ |title=The rise and fall of Carolco |last1=Lambie |first1=Ryan |date=11 March 2014 |website=Den of Geek |access-date=11 March 2014}}</ref>


== History ==
== History ==
=== Early years ===
=== Early years ===
The company was founded through the partnership of two film investors, [[Mario Kassar]] and [[Andrew G. Vajna|Andrew Vajna]].<ref name="filmlexikon" /> The two were hailed by ''[[Newsweek]]'' as some of the most successful independent producers.<ref>Prince, p. 143.</ref> By the age of 25, Vajna went from wig-maker to the owner of two [[Hong Kong]] theaters. Then, Vajna ventured into the production and distribution of feature films. One of Vajna's early productions was a 1973 martial-arts film entitled ''[[Deadly China Doll|The Deadly China Doll]]'' which made $3.7 million worldwide from a $100,000 budget.<ref name="Parish">{{cite book |last1=Parish |first1=James |title=Fiasco: A History of Hollywood's Iconic Flops |date=2007 |publisher=Trade Paper Press |location=United States |isbn=978-0470098295 |pages=213}}</ref>
Carolco Pictures was founded through the partnership of two film investors, [[Mario Kassar]] and [[Andrew G. Vajna|Andrew Vajna]].<ref name="filmlexikon" /> The two were hailed by ''[[Newsweek]]'' as some of the most successful independent producers.<ref>Prince, p. 143.</ref> By the age of 25, Vajna went from wig-maker to the owner of two [[Hong Kong]] theaters. Then, Vajna ventured into the production and distribution of feature films. One of Vajna's early productions was a 1973 martial-arts film entitled ''[[Deadly China Doll|The Deadly China Doll]]'' which made $3.7 million worldwide from a $100,000 budget.<ref name="Parish">{{cite book |last1=Parish |first1=James |title=Fiasco: A History of Hollywood's Iconic Flops |date=2007 |publisher=Trade Paper Press |location=United States |isbn=978-0470098295 |pages=213}}</ref>


Their goal was to focus on film sales, with their first venture being ''[[The Sicilian Cross]]'';<ref>{{cite web |title=The Rise and Fall of Carolco {{!}} Den of Geek |date= March 11, 2014 |url= https://www.denofgeek.com/us/movies/carolco/233689/the-rise-and-fall-of-carolco |access-date= June 25, 2018}}</ref> eventually it went into financing low-budget films. Their earliest films were produced by [[American International Pictures]] and [[ITC Entertainment]] with Carolco's financial support,<ref>{{cite web|url=https://varietyultimate.com/search/?page=20&startYear=1976&endYear=1982&search=Carolco&searchType=&sortBy=DATE&searchDate=&showAll=|title=Variety Magazine (search term: "Carolco")|access-date=January 10, 2015|archive-url=https://web.archive.org/web/20150909023545/http://varietyultimate.com/search/?page=20&startYear=1976&endYear=1982&search=Carolco&searchType=&sortBy=DATE&searchDate=&showAll=|archive-date=September 9, 2015|url-status=dead}}</ref> and co-produced with Canadian theater magnate [[Garth Drabinsky]]. The name "Carolco" was purchased from a defunct company based in Panama, and according to Kassar, "it has no meaning."<ref name="kv">Lambie, Ryan (March 10, 2014). [https://www.denofgeek.com/movies/the-rise-and-fall-of-carolco/ ''The Rise and Fall of Carolco.''] [[Den of Geek!]]</ref>
Their goal was to focus on film sales, with their first venture being ''[[The Sicilian Cross]]'';<ref>{{cite web |title=The Rise and Fall of Carolco {{!}} Den of Geek |date= March 11, 2014 |url= https://www.denofgeek.com/us/movies/carolco/233689/the-rise-and-fall-of-carolco |access-date= June 25, 2018}}</ref> eventually it went into financing low-budget films. Their earliest films were produced by [[American International Pictures]] and [[ITC Entertainment]] with Carolco's financial support,<ref>{{cite web|url=https://varietyultimate.com/search/?page=20&startYear=1976&endYear=1982&search=Carolco&searchType=&sortBy=DATE&searchDate=&showAll=|title=Variety Magazine (search term: "Carolco")|access-date=January 10, 2015|archive-url=https://web.archive.org/web/20150909023545/http://varietyultimate.com/search/?page=20&startYear=1976&endYear=1982&search=Carolco&searchType=&sortBy=DATE&searchDate=&showAll=|archive-date=September 9, 2015|url-status=dead}}</ref> and co-produced with Canadian theater magnate [[Garth Drabinsky]]. The name "Carolco" was purchased from a defunct company based in Panama, and according to Kassar, "it has no meaning."<ref name="kv">Lambie, Ryan (March 10, 2014). [https://www.denofgeek.com/movies/the-rise-and-fall-of-carolco/ ''The Rise and Fall of Carolco.''] [[Den of Geek!]]</ref>
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In 1990, [[Pioneer Corporation|Pioneer Electric Corporation]] of Japan acquired a share in Carolco.<ref name=pioneer>{{cite magazine|magazine=[[Variety (magazine)|Variety]]|date=April 17, 1995|page=4|title=Pioneer pulls back|last1=Robinson|first1=Gwen|last2=Weiner|first2=Rex}}</ref>
In 1990, [[Pioneer Corporation|Pioneer Electric Corporation]] of Japan acquired a share in Carolco.<ref name=pioneer>{{cite magazine|magazine=[[Variety (magazine)|Variety]]|date=April 17, 1995|page=4|title=Pioneer pulls back|last1=Robinson|first1=Gwen|last2=Weiner|first2=Rex}}</ref>


Carolco acquired the rights to make a sequel to ''[[The Terminator]]'' from Hemdale in 1990 (the company already had the television rights to the original film courtesy of its television distribution deal with Hemdale). The company re-hired ''Terminator'' director [[James Cameron]] (who had worked as a screenwriter on ''Rambo II'') and [[Arnold Schwarzenegger]] to star in a multi-million-dollar budgeted sequel, ''[[Terminator 2: Judgment Day]]'' (1991). It was the highest-grossing film of the year and the most successful film in Carolco's history.<ref>{{Cite news|url=https://www.nytimes.com/1991/06/26/business/carolco-flexes-its-muscle-overseas.html|title=Carolco Flexes Its Muscle Overseas|last=Stevenson|first=Richard W.|date=1991-06-26|work=The New York Times|access-date=2017-11-03|language=en-US|issn=0362-4331}}</ref> Halfway through the year, Carolco entered into a joint venture with [[New Line Cinema]] to start Seven Arts, a distribution company which primarily released much of Carolco's low-budget output.<ref>{{Cite web|url=https://www.latimes.com/archives/la-xpm-1990-07-19-fi-141-story.html|title=Carolco, New Line in Distribution Agreement: Carolco...|first=L. A. Times|last=Archives|date=July 19, 1990|website=Los Angeles Times|accessdate=December 31, 2022}}</ref> In 1991, syndicator Orbis Communications was renamed to Carolco Television, to better emphasize the Carolco connection.<ref>{{Cite news|last=Freeman|first=Mike|date=1991-12-09|title=Orbis changes its name to Carolco Television|work=[[Broadcasting & Cable|Broadcasting]]|url=https://worldradiohistory.com/hd2/IDX-Business/Magazines/Archive-BC-IDX/91-OCR/BC-1991-12-09-OCR-Page-0023.pdf|access-date=2021-11-15}}</ref> Also around this time, '''Carolco Home Video''' was established, with LIVE Entertainment as output partner.
Also in 1990, Carolco acquired the rights to make a sequel to ''[[The Terminator]]'' from Hemdale; the company already had the television rights to the original film courtesy of its television distribution deal with Hemdale. The company re-hired ''Terminator'' director [[James Cameron]] (who had worked as a screenwriter on ''Rambo II'') and [[Arnold Schwarzenegger]] to star in a multi-million-dollar budgeted sequel, ''[[Terminator 2: Judgment Day]]'' (1991). ''Terminator 2'' was the highest-grossing film of the year and the most successful film in Carolco's history.<ref>{{Cite news|url=https://www.nytimes.com/1991/06/26/business/carolco-flexes-its-muscle-overseas.html|title=Carolco Flexes Its Muscle Overseas|last=Stevenson|first=Richard W.|date=1991-06-26|work=The New York Times|access-date=2017-11-03|language=en-US|issn=0362-4331}}</ref> Halfway through the year, Carolco formed a joint venture with [[New Line Cinema]] to found Seven Arts, a distribution company which primarily released much of Carolco's low-budget output.<ref>{{Cite web|url=https://www.latimes.com/archives/la-xpm-1990-07-19-fi-141-story.html|title=Carolco, New Line in Distribution Agreement: Carolco...|first=L. A. Times|last=Archives|date=July 19, 1990|website=Los Angeles Times|accessdate=December 31, 2022}}</ref> In 1991, syndicator Orbis Communications was renamed to Carolco Television, to better emphasize the Carolco connection.<ref>{{Cite news|last=Freeman|first=Mike|date=1991-12-09|title=Orbis changes its name to Carolco Television|work=[[Broadcasting & Cable|Broadcasting]]|url=https://worldradiohistory.com/hd2/IDX-Business/Magazines/Archive-BC-IDX/91-OCR/BC-1991-12-09-OCR-Page-0023.pdf|access-date=2021-11-15}}</ref> Also around this time, '''Carolco Home Video''' was established, with LIVE Entertainment as an output partner.


Carolco struggled for some years to secure the rights to ''[[Spider-Man (2002 film)|Spider-Man]]'', a property that Cameron was keen to produce as a film. Plans fell through, though [[Columbia Pictures]] would eventually produce several Spider-Man films. Toward the end of shooting ''[[True Lies]]'', ''[[Variety (magazine)|Variety]]'' carried the announcement that Carolco had received a completed screenplay from Cameron.<ref name="CameronVariety">{{cite magazine | title=Cameron Delivers Spider-Man Script | url=https://www.variety.com/article/VR110100.html?categoryid=13&cs=1&query=cameron+spider%2Dman | page=3 | magazine=[[Variety (magazine)|Variety]] | date=1993-09-01 | access-date=2010-08-10 | first=Christian | last=Moerk | archive-url=https://web.archive.org/web/20090228064746/http://www.variety.com/article/VR110100.html?categoryid=13&cs=1&query=cameron+spider-man | archive-date=February 28, 2009 | url-status=dead }}</ref> This script bore the names of Cameron, John Brancato, Ted Newsom, Barry [sic] Cohen and "Joseph Goldmari", a typographical scrambling of [[Menahem Golan]]'s pen name, "Joseph Goldman", with Marvel executive Joseph Calimari.<ref>{{cite web | url=https://www.hundland.com/scripts/Spider-Man.txt | title=Spider-Man | author=Barry Cohen | author2=Ted Newson | author3=James Cameron | author4=Joseph Goldmari | author5=James Cameron | author6=John Brancato | publisher=Carolco | access-date=2010-08-10 |archive-url = https://web.archive.org/web/20080214112142/http://www.hundland.com/scripts/Spider-Man.txt |archive-date = 2008-02-14}}</ref> (Golan had previously, and unsuccessfully, tried to produce a Spider-Man film for his own studio, [[The Cannon Group, Inc.|Cannon Films]].) The script's text was identical to what Golan had submitted to Columbia the previous year, with the addition of a new 1993 date. Cameron stalwart Arnold Schwarzenegger was frequently linked to the project as the director's choice for [[Doctor Octopus]].<ref>{{cite web | url=http://www.realmovietrivia.com/page_xmen.html | title=Spider-Man | publisher=Sci-Fi Trivia Reel | access-date=2010-08-10 | archive-url=https://web.archive.org/web/20080119223241/http://www.realmovietrivia.com/page_xmen.html | archive-date=January 19, 2008 | url-status=dead }}</ref><ref>{{cite web | url=https://www.cracked.com/article_15072_p2.html | title=10 Most Awesome Movies Hollywood Ever Killed | author=[[David Wong (writer)|David Wong]] | date=August 14, 2007 | publisher=Cracked.com | access-date=2010-08-10}}</ref> As late as 1995, Internet industry sources such as Baseline Hollywood still listed both Neil Ruttenberg (author of one of the 1990 "Doc Ock" variations submitted to Columbia) and Cameron as co-writers.<ref>{{cite web|url=http://www.blssi.com/overview.aspx |format=Dead link |title=Spider-Man the Movie |publisher=[[Baseline (database)|Baseline]]/[[The New York Times]] |access-date=2010-08-10 |url-status=dead |archive-url=https://web.archive.org/web/20080812045553/http://www.blssi.com/overview.aspx |archive-date=August 12, 2008 }}</ref>
By 1990, Carolco purchased the theatrical film rights to ''[[Spider-Man]]'' from producer [[Menahem Golan]] via his studio, [[21st Century Film Corporation]].<ref name=":1">David Hughes. ''The Greatest Sci-Fi Movies Never Made'' {{ISBN|1-55652-449-8}}</ref> Golan had previously tried and failed to produce a [[Spider-Man (2002 film)#Production|''Spider-Man'' film]] for his former studio, [[The Cannon Group, Inc.|the Cannon Group]], and selling the film rights to Carolco—along with the home video rights to [[Columbia Pictures]], and the television rights to [[Viacom (1952–2005)|Viacom]]—was his way of raising funds to revive production.<ref name=":1" /><ref name="Gross 2002">{{Cite book |last=Gross |first=Edward |title=Spider-Man Confidential |publisher=[[Hyperion (publisher)|Hyperion]] |year=2002}}</ref> Carolco subsequently began pre-production on the ''Spider-Man'' film, and James Cameron was quickly hired as the writer and director.<ref>{{cite web |date=December 6, 2021 |title=James Cameron Reveals His Vision for His Unmade Spider-Man Film |url=https://screencrush.com/james-cameron-spider-man-movie/}}</ref><ref>{{cite web |date=December 6, 2021 |title=Spider-Man was the 'greatest movie' James Cameron never made |url=https://www.polygon.com/22820458/spider-man-movie-james-cameron |website=[[Polygon (website)|Polygon]]}}</ref> In 1993, towards the end of filming ''[[True Lies]]'', ''[[Variety (magazine)|Variety]]'' carried the announcement that Carolco received a completed screenplay from Cameron.<ref name="CameronVariety">{{cite magazine | title=Cameron Delivers Spider-Man Script | url=https://variety.com/1993/film/news/cameron-delivers-spider-man-script-110100/ | page=3 | magazine=[[Variety (magazine)|Variety]] | date=1993-09-01 | access-date=2010-08-10 | first=Christian | last=Moerk | archive-url=https://web.archive.org/web/20090228064746/http://www.variety.com/article/VR110100.html?categoryid=13&cs=1&query=cameron+spider-man | archive-date=February 28, 2009 | url-status=live }}</ref> This script bore the names of Cameron, John Brancato, Ted Newsom, Barry [sic] Cohen and "Joseph Goldmari"—a typographical scrambling of Menahem Golan's pen name, "Joseph Goldman"—with Marvel executive Joseph Calimari.<ref>{{cite web | url=https://www.hundland.com/scripts/Spider-Man.txt | title=Spider-Man | author=Barry Cohen | author2=Ted Newson | author3=James Cameron | author4=Joseph Goldmari | author5=James Cameron | author6=John Brancato | publisher=Carolco | access-date=2010-08-10 |archive-url = https://web.archive.org/web/20080214112142/http://www.hundland.com/scripts/Spider-Man.txt |archive-date = 2008-02-14}}</ref> Cameron stalwart Arnold Schwarzenegger was frequently linked to the project as the director's choice for [[Doctor Octopus]], and future [[Titanic (1997 film)|''Titanic'']] star [[Leonardo DiCaprio]] was considered for the titular role, Peter Parker.<ref>{{cite web | url=http://www.realmovietrivia.com/page_xmen.html | title=Spider-Man | publisher=Sci-Fi Trivia Reel | access-date=2010-08-10 | archive-url=https://web.archive.org/web/20080119223241/http://www.realmovietrivia.com/page_xmen.html | archive-date=January 19, 2008 | url-status=dead }}</ref><ref>{{cite web | url=https://www.cracked.com/article_15072_p2.html | title=10 Most Awesome Movies Hollywood Ever Killed | author=[[David Wong (writer)|David Wong]] | date=August 14, 2007 | publisher=Cracked.com | access-date=2010-08-10}}</ref><ref>{{Cite news |last=Flanders |first=Ned |date=October 24, 2019 |title=Big Brain Development: James Cameron's SPIDER-MAN |url=https://filmgoblin.com/geek-dive/big-brain-development-camerons-spider-man/ |url-status=live |archive-url=https://web.archive.org/web/20201026103540/https://filmgoblin.com/geek-dive/big-brain-development-camerons-spider-man/ |archive-date=October 26, 2020 |access-date=December 24, 2020 |work=FilmGoblin}}</ref>


Carolco also attempted to make ''Bartholomew vs. Neff'', a comedy film that was to have been written and directed by [[John Hughes (filmmaker)|John Hughes]] and would have starred [[Sylvester Stallone]] and [[John Candy]].<ref>{{cite news|title=SHORT TAKES : Stallone in Line for Comedy Role|date=30 July 1990|newspaper=[[Los Angeles Times]]|url=https://www.latimes.com/archives/la-xpm-1990-07-30-ca-997-story.html|access-date=26 February 2015}}</ref>
Carolco also attempted to make ''Bartholomew vs. Neff'', a comedy film that was to have been written and directed by [[John Hughes (filmmaker)|John Hughes]] and would have starred [[Sylvester Stallone]] and [[John Candy]].<ref>{{cite news|title=SHORT TAKES : Stallone in Line for Comedy Role|date=30 July 1990|newspaper=[[Los Angeles Times]]|url=https://www.latimes.com/archives/la-xpm-1990-07-30-ca-997-story.html|access-date=26 February 2015}}</ref>


=== Decline and collapse ===
=== Decline and collapse ===
Though Carolco made several successful films through the 1990s, including ''[[Total Recall (1990 film)|Total Recall]]'', ''[[Terminator 2: Judgment Day]]'', and ''[[Basic Instinct]]'', the studio was gradually losing money as the years went on. Carolco mixed blockbusters with small-budget arthouse films which were not profitable. In addition, the studio was criticized for overspending on films through reliance on star power and far-fetched deals (Schwarzenegger received a then-unheard-of $10–14 million for his work on ''Total Recall'' and ''Terminator 2: Judgment Day''; Stallone also had similar treatment). Losses of partnerships also threatened Carolco's stability and drove it towards bankruptcy.<ref>Prince, pp. 147-148.</ref>
Though Carolco made several successful films in the early 1990s, including ''[[Total Recall (1990 film)|Total Recall]]'', ''Terminator 2: Judgment Day'', and ''[[Basic Instinct]]'', Carolco was gradually losing money as the years went on. Carolco mixed blockbusters with small-budget arthouse films which were not profitable. In addition, Carolco was criticized for overspending on films through reliance on star power and far-fetched deals (Schwarzenegger received a then-unheard-of $10–14 million for his work on ''Total Recall'' and ''Terminator 2''; Stallone also had similar treatment). Losses of partnerships also threatened Carolco's stability and drove it towards bankruptcy.<ref>Prince, pp. 147-148.</ref>


In 1992, Carolco went under a corporate restructuring, invested in by a partnership of [[RCS MediaGroup|Rizzoli-Corriere della Sera]] of Italy, [[StudioCanal|Le Studio Canal+]] of France, [[Pioneer Corporation|Pioneer]], and [[Metro-Goldwyn-Mayer]] (MGM). Each partner helped infuse up to $60 million into the studio's stock and another $50 million for co-financing deals.<ref name="Parish" /> MGM also agreed to distribute Carolco products domestically after a previous deal with [[TriStar Pictures|TriStar]] expired.<ref>{{cite news|last=Bates|first=James|title=Back in the Limelight: Carolco Pictures to Receive a $120-Million Bailout From Investors|url=https://www.latimes.com/archives/la-xpm-1992-12-25-fi-2557-story.html|newspaper=Los Angeles Times|date=December 25, 1992}}</ref> In 1993, Carolco was forced to sell its shares in LIVE Entertainment to a group of investors led by Pioneer;<ref name="Artisan Entertainment Inc. - Company Profile on Artisan Entertainment Inc.">[http://www.referenceforbusiness.com/history2/20/Artisan-Entertainment-Inc.html History of Artisan Entertainment Inc.], referenceforbusiness.com</ref> it was later renamed [[Artisan Entertainment]], which was bought by [[Lionsgate|Lions Gate Entertainment]] in 2003.
In 1992, Carolco underwent a corporate restructuring, invested in by a partnership of [[RCS MediaGroup|Rizzoli-Corriere della Sera]] of Italy, [[StudioCanal|Le Studio Canal+]] of France, [[Pioneer Corporation|Pioneer]], and [[Metro-Goldwyn-Mayer]] (MGM). Each partner helped infuse up to $60 million into the studio's stock and another $50 million for co-financing deals.<ref name="Parish" /> MGM also agreed to distribute Carolco products domestically after a previous deal with [[TriStar Pictures|TriStar]] expired.<ref>{{cite news|last=Bates|first=James|title=Back in the Limelight: Carolco Pictures to Receive a $120-Million Bailout From Investors|url=https://www.latimes.com/archives/la-xpm-1992-12-25-fi-2557-story.html|newspaper=Los Angeles Times|date=December 25, 1992}}</ref> In 1993, Carolco was forced to sell its shares in LIVE Entertainment to a group of investors led by Pioneer;<ref name="Artisan Entertainment Inc. - Company Profile on Artisan Entertainment Inc.">[http://www.referenceforbusiness.com/history2/20/Artisan-Entertainment-Inc.html History of Artisan Entertainment Inc.], referenceforbusiness.com</ref> it was later renamed [[Artisan Entertainment]], which was bought by [[Lionsgate|Lions Gate Entertainment]] in 2003. Cutbacks at Carolco also forced Carolco to make a deal with TriStar over the funding of the Stallone action film ''[[Cliffhanger (film)|Cliffhanger]]'': Carolco would have to sell full distribution rights in North America, Mexico, Australia, New Zealand, Germany, and France to TriStar in exchange for half of the film's budget.<ref name="prince148">Prince, pp. 148.</ref> Although a major box-office success, Carolco saw little revenue from ''Cliffhanger'' since it ended up becoming a minority owner in the film.<ref>{{cite news|last=Bates|first=James|title=COMPANY TOWN : SEC Filings Show Carolco Has Little to Sing About : Movies: The company expects to lose money this year and next, despite a major financial reorganization negotiated last year.|url=https://www.latimes.com/archives/la-xpm-1994-08-30-fi-32931-story.html|newspaper=Los Angeles Times|date=August 30, 1994}}</ref>


Cutbacks at Carolco also forced the studio to make a deal with TriStar over the funding of the Stallone action film ''[[Cliffhanger (film)|Cliffhanger]]'': Carolco would have to sell full distribution rights in North America, Mexico, Australia, New Zealand, Germany, and France to TriStar in exchange for half of the film's budget.<ref name="prince148">Prince, pp. 148.</ref> Although a major box-office success, Carolco saw little revenue from ''Cliffhanger'' since it ended up becoming a minority owner in the film.<ref>{{cite news|last=Bates|first=James|title=COMPANY TOWN : SEC Filings Show Carolco Has Little to Sing About : Movies: The company expects to lose money this year and next, despite a major financial reorganization negotiated last year.|url=https://www.latimes.com/archives/la-xpm-1994-08-30-fi-32931-story.html|newspaper=Los Angeles Times|date=August 30, 1994}}</ref> Before plans to produce their own ''Spider-Man'' film with James Cameron fell through, the studio filed a lawsuit against Columbia Pictures and [[Viacom (1952–2006)|Viacom]] in an attempt to gain the home video and television rights to ''Spider-Man'', but the suit backfired when Columbia and Viacom counter-sued Carolco, and the studio also became sued by MGM.<ref>[https://www.sec.gov/Archives/edgar/data/801441/0000801441-95-000005.txt Quarterly report] US Securities and Exchanges Commission. March 31, 1995. Retrieved December 31, 2022</ref><ref name=":0">{{Cite news |date=August 29, 1998 |title=A Tangled Web of Deal-Making |work=Los Angeles Times |url=https://www.latimes.com/archives/la-xpm-1998-aug-29-mn-17619-story.html |access-date=October 10, 2022}}</ref> Since court did not rule in their favor, these lawsuits caused Carolco to lose an additional amount of money, along with the film rights to ''Spider-Man''.<ref name=":0" /> Carolco's attempt to make more of its specialties proved to be more strenuous: the studio had to shelve ''Crusade'', an upcoming Schwarzenegger vehicle based on a script by [[Walon Green]] and with [[Paul Verhoeven]] attached as director, in 1994 when the budget exceeded $100{{spaces}}million.<ref name="prince148" /> However, Carolco was able to complete a merger with The Vista Organization in late October 1993.<ref>{{cite web|url=https://variety.com/1993/biz/news/financial-briefs-149-115505/|title=Financial Briefs|author=<!--Not stated-->|date=1 November 1993}}</ref>
Carolco’s plans for a ''Spider-Man'' film with James Cameron, which had an estimated budget of $50 million,<ref>{{Cite news |last=Chitwood |first=Scott |date=February 15, 2000 |title=Review of James Cameron's Spider-Man Scriptment |url=http://uk.movies.ign.com/articles/034/034412p1.html |url-status=dead |archive-url=https://web.archive.org/web/20110831202555/http://uk.movies.ign.com/articles/034/034412p1.html |archive-date=August 31, 2011 |access-date=April 28, 2007 |publisher=[[IGN]] |df=mdy}}</ref> were forced to be shelved, following a period of litigation; in April 1993, Menahem Golan filed a lawsuit against the studio to revoke his contract with them, since Cameron had Golan’s executive producer name omitted from the film credits.<ref name=":0">{{Cite news |date=August 29, 1998 |title=A Tangled Web of Deal-Making |url=https://www.latimes.com/archives/la-xpm-1998-aug-29-mn-17619-story.html |access-date=October 10, 2022 |work=Los Angeles Times}}</ref> In February 1994, Carolco filed a separate lawsuit against Columbia Pictures and Viacom, in an effort to gain their home video and television rights to ''Spider-Man'', but the suit backfired, when Columbia and Viacom counter-sued Carolco.<ref name=":0" /> In 1995, Carolco, Golan, Columbia, Viacom, and [[Marvel Comics|Marvel]] were all subsequently sued by MGM, who believed they should have inherited the film rights, upon acquiring the Cannon Group and 21st Century Films.<ref name=":0" /><ref name="legal">{{Cite news |last=Shprintz |first=Janet |date=August 19, 1998 |title=Spider-Man's legal web may finally be unraveled |url=https://www.variety.com/index.asp?layout=print_story&articleid=VR1117479641&categoryid=13 |url-status=live |archive-url=https://web.archive.org/web/20071011185902/http://www.variety.com/index.asp?layout=print_story&articleid=VR1117479641&categoryid=13 |archive-date=October 11, 2007 |access-date=January 22, 2007 |work=[[Variety (magazine)|Variety]]}}</ref> Since the court did not rule in Carolco’s favor, these lawsuits led to the studio losing an additional amount of money, while the ''Spider-Man'' film rights were reverted to Marvel and eventually sold to Columbia.<ref name=":0" /><ref name="legal" />


Carolco's attempt to make more of its specialties proved to be more strenuous: Carolco had to shelve ''Crusade'', an upcoming Schwarzenegger film based on a script by [[Walon Green]] and with [[Paul Verhoeven]] attached as director, in 1994 when the budget exceeded $100{{spaces}}million.<ref name="prince148" /> However, Carolco was able to complete a merger with The Vista Organization in late October 1993.<ref>{{cite web|url=https://variety.com/1993/biz/news/financial-briefs-149-115505/|title=Financial Briefs|author=<!--Not stated-->|date=1 November 1993}}</ref>
⚫
Carolco attempted a comeback with the big-budget swashbuckler ''[[Cutthroat Island]]'', with [[Michael Douglas]] in the lead. Douglas dropped out early in its production and was replaced by the less-bankable [[Matthew Modine]]. [[Geena Davis]], cast as the female lead through her ties with then-husband, the director [[Renny Harlin]], was already an established [[A-list]]er but was coming off a string of flops. MGM hoped to advertise ''Cutthroat Island'' based on spectacle rather than cast. In an attempt to raise more financing for the projected $90–100{{spaces}}million film, Carolco sold off the rights to several films in production, including ''[[Last of the Dogmen]]'', ''[[Stargate (film)|Stargate]]'' and ''[[Showgirls]]''.<ref>Prince, pp. 148-149.</ref><ref>{{cite magazine|url=https://variety.com/1997/scene/vpage/recall-in-new-dimension-1117433616/|title='RECALL' IN NEW DIMENSION|date=14 January 1997|magazine=[[Variety (magazine)|Variety]]|access-date=24 July 2019}}</ref><ref>{{cite news|url=https://www.latimes.com/archives/la-xpm-1995-02-14-fi-31810-story.html|title=Company Town: Carolco May Be Close to Restructuring|date=14 February 1995|newspaper=LA Times|access-date=24 July 2019}}</ref><ref>{{cite web|url=https://www.upi.com/Archives/1996/01/03/Kassar-signs-deal-with-Paramount/9852820645200/|title=Kassar signs deal with Paramount|date=3 January 1996|work=United Press International|access-date=25 April 2020}}</ref><ref>{{cite web | title=Carlco Pictures Contract | url=https://www.sec.gov/Archives/edgar/data/801441/0000801441-94-000015.txt | date=November 15, 1994 | access-date=April 25, 2020}}</ref> In October 1994, Carolco ran out of funds and Pioneer invested another $8 million.<ref name=pioneer/> In April 1995, Carolco announced that it was unable to make interest payments on $55 million of debt.<ref>{{cite magazine|magazine=[[Variety (magazine)|Variety]]|date=April 17, 1995|page=4|title=Will 'Island' cut Carolco's throat?|last=Busch|first=Anita M.}}</ref> In November 1995, Carolco filed for [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]] protection. ''Cutthroat Island'' was released that Christmas and became a box-office disaster.<ref>{{cite news |last1=Sterngold |first1=James |title=Debacle on the High Seas |url=https://www.nytimes.com/1996/03/31/movies/debacle-on-the-high-seas.html |access-date=25 December 2018 |work=The New York Times |date=31 March 1996}}</ref> Carolco agreed to sell its assets to [[20th Century Fox]] for $50 million.<ref>{{cite news|title= COMPANY NEWS; CAROLCO PICTURES FILES FOR BANKRUPTCY PROTECTION|work= New York Times|date=1995-11-11|url= https://www.nytimes.com/1995/11/11/business/company-news-carolco-pictures-files-for-bankruptcy-protection.html}}</ref> But when Canal+ made a $58 million bid for the library in January 1996, Fox, which by then lowered their purchase price to $47.5 million, dropped their deal.<ref>Bates, James. [https://www.latimes.com/archives/la-xpm-1996-01-17-fi-25405-story.html "New Carolco Library Bid Sends Fox Running."] ''[[Los Angeles Times]]'' (January 17, 1996)</ref>

⚫
Carolco attempted a comeback with the big-budget swashbuckler ''[[Cutthroat Island]]'', with [[Michael Douglas]] in the lead. Douglas dropped out early in its production and was replaced by the less-bankable [[Matthew Modine]]. [[Geena Davis]], cast as the female lead through her ties with then-husband, the director [[Renny Harlin]], was already an established [[A-list]]er but was coming off a string of flops. MGM hoped to advertise ''Cutthroat Island'' based on spectacle rather than cast. In an attempt to raise more financing for the projected $90–100{{spaces}}million film, Carolco sold off the rights to several films in production, including ''[[Last of the Dogmen]]'', ''[[Stargate (film)|Stargate]]'' and ''[[Showgirls]]''.<ref>Prince, pp. 148-149.</ref><ref>{{cite magazine|url=https://variety.com/1997/scene/vpage/recall-in-new-dimension-1117433616/|title='RECALL' IN NEW DIMENSION|date=14 January 1997|magazine=[[Variety (magazine)|Variety]]|access-date=24 July 2019}}</ref><ref>{{cite news|url=https://www.latimes.com/archives/la-xpm-1995-02-14-fi-31810-story.html|title=Company Town: Carolco May Be Close to Restructuring|date=14 February 1995|newspaper=LA Times|access-date=24 July 2019}}</ref><ref>{{cite web|url=https://www.upi.com/Archives/1996/01/03/Kassar-signs-deal-with-Paramount/9852820645200/|title=Kassar signs deal with Paramount|date=3 January 1996|work=United Press International|access-date=25 April 2020}}</ref><ref>{{cite web | title=Carlco Pictures Contract | url=https://www.sec.gov/Archives/edgar/data/801441/0000801441-94-000015.txt | date=November 15, 1994 | access-date=April 25, 2020}}</ref> In October 1994, Carolco ran out of funds and Pioneer invested another $8 million.<ref name="pioneer" /> In April 1995, Carolco announced that it was unable to make interest payments on $55 million of debt.<ref>{{cite magazine|magazine=[[Variety (magazine)|Variety]]|date=April 17, 1995|page=4|title=Will 'Island' cut Carolco's throat?|last=Busch|first=Anita M.}}</ref> In November 1995, Carolco filed for [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]] protection. ''Cutthroat Island'' was released that Christmas and became a box-office disaster.<ref>{{cite news |last1=Sterngold |first1=James |title=Debacle on the High Seas |url=https://www.nytimes.com/1996/03/31/movies/debacle-on-the-high-seas.html |access-date=25 December 2018 |work=The New York Times |date=31 March 1996}}</ref> Carolco agreed to sell its assets to [[20th Century Fox]] for $50 million.<ref>{{cite news|title= COMPANY NEWS; CAROLCO PICTURES FILES FOR BANKRUPTCY PROTECTION|work= New York Times|date=1995-11-11|url= https://www.nytimes.com/1995/11/11/business/company-news-carolco-pictures-files-for-bankruptcy-protection.html}}</ref> But when Canal+ made a $58 million bid for the library in January 1996, Fox, which by then lowered their purchase price to $47.5 million, dropped their deal.<ref>Bates, James. [https://www.latimes.com/archives/la-xpm-1996-01-17-fi-25405-story.html "New Carolco Library Bid Sends Fox Running."] ''[[Los Angeles Times]]'' (January 17, 1996)</ref>


A new partnership was formed between Carolco's owner (Mario Kassar) and [[Cinergi Pictures|Cinergi]]'s owner (Andrew G. Vajna) in 1998. The duo formed [[C2 Pictures]] and produced ''[[Terminator 3: Rise of the Machines]]'' and ''[[Basic Instinct 2]]'', among other films.
A new partnership was formed between Carolco's owner (Mario Kassar) and [[Cinergi Pictures|Cinergi]]'s owner (Andrew G. Vajna) in 1998. The duo formed [[C2 Pictures]] and produced ''[[Terminator 3: Rise of the Machines]]'' and ''[[Basic Instinct 2]]'', among other films.
Line 134: Line 137:
| align="right"| August 15, 1980 || ''[[The Kidnapping of the President]]'' || financing; distributed by [[Crown International Pictures]]
| align="right"| August 15, 1980 || ''[[The Kidnapping of the President]]'' || financing; distributed by [[Crown International Pictures]]
|-
|-
| align="right"| September 5, 1980 || ''[[The Agency (film)|The Agency]]'' || financing; distributed by [[Sunn Classic Pictures|Jensen Farley Pictures]]
| align="right"| September 5, 1980 || ''[[Agency (film)|Agency]]'' || financing; distributed by [[Sunn Classic Pictures|Jensen Farley Pictures]]
|-
|-
| align="right"| September 9, 1980 || ''[[Suzanne (1980 film)|Suzanne]]'' || financing; distributed by [[20th Century Fox]]
| align="right"| September 9, 1980 || ''[[Suzanne (1980 film)|Suzanne]]'' || financing; distributed by [[20th Century Fox]]
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[[Category:Carolco Pictures| ]]
[[Category:Carolco Pictures| ]]
[[Category:StudioCanal]]
[[Category:StudioCanal]]
[[Category:American companies established in 1976]]
[[Category:American companies disestablished in 1995]]
[[Category:Entertainment companies established in 1976]]
[[Category:Entertainment companies established in 1976]]
[[Category:Mass media companies established in 1976]]
[[Category:Mass media companies established in 1976]]

Latest revision as of 15:13, 3 December 2024

Carolco Pictures, Inc.
Company typePrivate
IndustryEntertainment
FoundedMarch 30, 1976; 48 years ago (1976-03-30)[1]
FoundersMario Kassar[1]
Andrew G. Vajna[1]
DefunctDecember 22, 1995; 28 years ago (1995-12-22)
FateBankruptcy, assets and name now owned by StudioCanal
Successors
HeadquartersLos Angeles, California[1],
United States
Key people
Mario Kassar
(Chairman & CEO)
ProductsMotion pictures
DivisionsCarolco Television Productions
SubsidiariesOrbis Communications
The IndieProd Company
Websitewww.carolcofilms.com

Carolco Pictures, Inc. was an American independent film studio that was founded by Mario Kassar and Andrew G. Vajna in 1976.[1] Kassar and Vajna ran Carolco together until 1989, when Vajna left to form Cinergi Pictures. Carolco hit its peak in the 1980s and early 1990s, with blockbuster successes including the first three films of the Rambo franchise, Field of Dreams, Total Recall, Terminator 2: Judgment Day, Basic Instinct, Universal Soldier, Cliffhanger and Stargate. Nevertheless, the company was losing money overall, requiring a corporate restructuring in 1992. The film Cutthroat Island was produced as a resurgence for the studio, but it instead lost them $147 million, and the company eventually went defunct at the end of 1995.[2]

History

[edit]

Early years

[edit]

Carolco Pictures was founded through the partnership of two film investors, Mario Kassar and Andrew Vajna.[1] The two were hailed by Newsweek as some of the most successful independent producers.[3] By the age of 25, Vajna went from wig-maker to the owner of two Hong Kong theaters. Then, Vajna ventured into the production and distribution of feature films. One of Vajna's early productions was a 1973 martial-arts film entitled The Deadly China Doll which made $3.7 million worldwide from a $100,000 budget.[4]

Their goal was to focus on film sales, with their first venture being The Sicilian Cross;[5] eventually it went into financing low-budget films. Their earliest films were produced by American International Pictures and ITC Entertainment with Carolco's financial support,[6] and co-produced with Canadian theater magnate Garth Drabinsky. The name "Carolco" was purchased from a defunct company based in Panama, and according to Kassar, "it has no meaning."[7]

Rise

[edit]

Carolco's first major success was First Blood (1982), an adaptation of David Morrell's novel of the same name. Kassar and Vajna took a great risk buying the film rights to the novel (for $385,000) and used the help of European bank loans to cast Sylvester Stallone as the lead character, Vietnam War veteran John Rambo, after having worked with him on the John Huston film Escape to Victory (1981). The risk paid off after First Blood made $120 million worldwide, and placed Carolco among the major players in Hollywood.[8]

On May 15, 1984, Carolco Pictures entered into a long-term agreement with then-up-and-coming film distributor and fledging studio Tri-Star Pictures, with Tri-Star distributing Carolco's films in North America; HBO (a partner in the Tri-Star venture) handled pay cable TV rights, and Thorn EMI Video (later, HBO/Cannon Video) handled North American home video distribution rights. The first film under the agreement was Rambo: First Blood Part II.[9] TriStar released the majority of Carolco's films from that point on in the U.S. and some other countries until 1994.

The sequel Rambo: First Blood Part II (1985), was timed for the 10th anniversary of the United States' exit from the Vietnam War; that event garnered publicity for the new film, which also became a hit.[8] Tri-Star and Carolco would eventually renew their partnership in 1986, which called for Tri-Star to distribute upcoming Carolco product, including Rambo III, in a new multi-feature agreement.[10]

The release of the two Rambo films were so instrumental to Carolco's financial success that the studio focused more on big-budget action films, with major stars such as Stallone (who later signed a ten-picture deal with the studio) and Arnold Schwarzenegger attached. These films, aimed at appealing to a worldwide audience, were financed using a strategy known as "pre-sales", in which domestic and foreign distributors invested in these marketable films in exchange for local releasing rights.[11]

Carolco entered home video distribution as well. Independent video distributor International Video Entertainment (IVE) was going through financial difficulties and was near bankruptcy. In 1986, Carolco purchased IVE in the hopes of "turning the company around." The deal was finalized a year later.[12] This resulted in Carolco paying $43 million to HBO/Cannon Video (successor to Thorn-EMI Video) in exchange for the video rights to two of Carolco's upcoming releases, Angel Heart and Extreme Prejudice, allowing Carolco to relicense the pictures to IVE.[13] IVE merged with another distributor, Lieberman, and became LIVE Entertainment in 1988.[14]

Fueled by the success of Rambo and their other offerings, Carolco expanded into various other business sectors over the next few years. This included video retail holdings,[15] licensing of their IP,[16] an international division (which included deals with John Carpenter and Alive Films, as well as Canada's Alliance Entertainment Corporation),[17][18][19] and television production and distribution via the buyout of independent syndicator Orbis Communications.[20] In addition to its own library, Carolco also held the television rights to the films of Hemdale Film Corporation (including The Terminator and The Return of the Living Dead), Alive Films (including Kiss of the Spider Woman), HBO Premiere Films (including The Glitter Dome), and future subsidiary The Vista Organization.[21]

Carolco also attempted to buy troubled film distributor Orion Pictures and home video distributor Media Home Entertainment, but these deals failed.[22][23] They also purchased the former De Laurentiis Entertainment Group production facility in Wilmington, North Carolina.[24]

Vajna sold his share of Carolco in December 1989 for $106 million to Kassar[25] due to increasing disagreement with Kassar over the direction of the company.[4] That November, Vajna formed Cinergi Pictures, with The Walt Disney Company as a distribution partner. Kassar's ownership of the company increased to 62%.[25]

1990–1994

[edit]

In 1990, Pioneer Electric Corporation of Japan acquired a share in Carolco.[26]

Also in 1990, Carolco acquired the rights to make a sequel to The Terminator from Hemdale; the company already had the television rights to the original film courtesy of its television distribution deal with Hemdale. The company re-hired Terminator director James Cameron (who had worked as a screenwriter on Rambo II) and Arnold Schwarzenegger to star in a multi-million-dollar budgeted sequel, Terminator 2: Judgment Day (1991). Terminator 2 was the highest-grossing film of the year and the most successful film in Carolco's history.[27] Halfway through the year, Carolco formed a joint venture with New Line Cinema to found Seven Arts, a distribution company which primarily released much of Carolco's low-budget output.[28] In 1991, syndicator Orbis Communications was renamed to Carolco Television, to better emphasize the Carolco connection.[29] Also around this time, Carolco Home Video was established, with LIVE Entertainment as an output partner.

By 1990, Carolco purchased the theatrical film rights to Spider-Man from producer Menahem Golan via his studio, 21st Century Film Corporation.[30] Golan had previously tried and failed to produce a Spider-Man film for his former studio, the Cannon Group, and selling the film rights to Carolco—along with the home video rights to Columbia Pictures, and the television rights to Viacom—was his way of raising funds to revive production.[30][31] Carolco subsequently began pre-production on the Spider-Man film, and James Cameron was quickly hired as the writer and director.[32][33] In 1993, towards the end of filming True Lies, Variety carried the announcement that Carolco received a completed screenplay from Cameron.[34] This script bore the names of Cameron, John Brancato, Ted Newsom, Barry [sic] Cohen and "Joseph Goldmari"—a typographical scrambling of Menahem Golan's pen name, "Joseph Goldman"—with Marvel executive Joseph Calimari.[35] Cameron stalwart Arnold Schwarzenegger was frequently linked to the project as the director's choice for Doctor Octopus, and future Titanic star Leonardo DiCaprio was considered for the titular role, Peter Parker.[36][37][38]

Carolco also attempted to make Bartholomew vs. Neff, a comedy film that was to have been written and directed by John Hughes and would have starred Sylvester Stallone and John Candy.[39]

Decline and collapse

[edit]

Though Carolco made several successful films in the early 1990s, including Total Recall, Terminator 2: Judgment Day, and Basic Instinct, Carolco was gradually losing money as the years went on. Carolco mixed blockbusters with small-budget arthouse films which were not profitable. In addition, Carolco was criticized for overspending on films through reliance on star power and far-fetched deals (Schwarzenegger received a then-unheard-of $10–14 million for his work on Total Recall and Terminator 2; Stallone also had similar treatment). Losses of partnerships also threatened Carolco's stability and drove it towards bankruptcy.[40]

In 1992, Carolco underwent a corporate restructuring, invested in by a partnership of Rizzoli-Corriere della Sera of Italy, Le Studio Canal+ of France, Pioneer, and Metro-Goldwyn-Mayer (MGM). Each partner helped infuse up to $60 million into the studio's stock and another $50 million for co-financing deals.[4] MGM also agreed to distribute Carolco products domestically after a previous deal with TriStar expired.[41] In 1993, Carolco was forced to sell its shares in LIVE Entertainment to a group of investors led by Pioneer;[42] it was later renamed Artisan Entertainment, which was bought by Lions Gate Entertainment in 2003. Cutbacks at Carolco also forced Carolco to make a deal with TriStar over the funding of the Stallone action film Cliffhanger: Carolco would have to sell full distribution rights in North America, Mexico, Australia, New Zealand, Germany, and France to TriStar in exchange for half of the film's budget.[43] Although a major box-office success, Carolco saw little revenue from Cliffhanger since it ended up becoming a minority owner in the film.[44]

Carolco’s plans for a Spider-Man film with James Cameron, which had an estimated budget of $50 million,[45] were forced to be shelved, following a period of litigation; in April 1993, Menahem Golan filed a lawsuit against the studio to revoke his contract with them, since Cameron had Golan’s executive producer name omitted from the film credits.[46] In February 1994, Carolco filed a separate lawsuit against Columbia Pictures and Viacom, in an effort to gain their home video and television rights to Spider-Man, but the suit backfired, when Columbia and Viacom counter-sued Carolco.[46] In 1995, Carolco, Golan, Columbia, Viacom, and Marvel were all subsequently sued by MGM, who believed they should have inherited the film rights, upon acquiring the Cannon Group and 21st Century Films.[46][47] Since the court did not rule in Carolco’s favor, these lawsuits led to the studio losing an additional amount of money, while the Spider-Man film rights were reverted to Marvel and eventually sold to Columbia.[46][47]

Carolco's attempt to make more of its specialties proved to be more strenuous: Carolco had to shelve Crusade, an upcoming Schwarzenegger film based on a script by Walon Green and with Paul Verhoeven attached as director, in 1994 when the budget exceeded $100 million.[43] However, Carolco was able to complete a merger with The Vista Organization in late October 1993.[48]

Carolco attempted a comeback with the big-budget swashbuckler Cutthroat Island, with Michael Douglas in the lead. Douglas dropped out early in its production and was replaced by the less-bankable Matthew Modine. Geena Davis, cast as the female lead through her ties with then-husband, the director Renny Harlin, was already an established A-lister but was coming off a string of flops. MGM hoped to advertise Cutthroat Island based on spectacle rather than cast. In an attempt to raise more financing for the projected $90–100 million film, Carolco sold off the rights to several films in production, including Last of the Dogmen, Stargate and Showgirls.[49][50][51][52][53] In October 1994, Carolco ran out of funds and Pioneer invested another $8 million.[26] In April 1995, Carolco announced that it was unable to make interest payments on $55 million of debt.[54] In November 1995, Carolco filed for Chapter 11 bankruptcy protection. Cutthroat Island was released that Christmas and became a box-office disaster.[55] Carolco agreed to sell its assets to 20th Century Fox for $50 million.[56] But when Canal+ made a $58 million bid for the library in January 1996, Fox, which by then lowered their purchase price to $47.5 million, dropped their deal.[57]

A new partnership was formed between Carolco's owner (Mario Kassar) and Cinergi's owner (Andrew G. Vajna) in 1998. The duo formed C2 Pictures and produced Terminator 3: Rise of the Machines and Basic Instinct 2, among other films.

2015–2017: Resurrection of Carolco brand

[edit]

Film producer Alexander Bafer purchased the Carolco name and logo years later. On January 20, 2015, Bafer renamed his production company Carolco Pictures, formerly known as Brick Top Productions. Bafer then recruited Mario Kassar as the chief development executive of the new Carolco.[58][59] However, on April 7, 2016, it was announced that both Bafer and Kassar had left the company, Kassar taking with him one of Carolco's planned projects, a remake of the 1999 Japanese horror film Audition which he was producing. Investor Tarek Kirschen was then inducted as Carolco's CEO.[60] In 2017, StudioCanal and Carolco reached an agreement whereby StudioCanal would have sole control of the Carolco name and logo and the Carolco Pictures company would be renamed Recall Studios. That agreement settled a legal dispute over the Carolco mark brought by StudioCanal.[61][62] The arrangement took effect on November 29 of that year.

Carolco's library

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After its bankruptcy, the assets of Carolco were sold off to other companies, most already sold during Carolco's existence. In March 1996, Canal+ purchased the library in bankruptcy court for a value of approximately $58 million.[63] The ancillary rights to Carolco's library (up to 1995 with certain exceptions) are held by French production company StudioCanal, since its parent company, Canal+ Group, owned a stake in Carolco, eventually buying out its partners.

On September 17, 1991, Multimedia Entertainment acquired selected assets of Carolco's television distribution unit Orbis Communications, which included the telefilm subsidiary Carolco Television Productions.[64]

In 1992, Carolco Pictures licensed television distribution rights to its library to Spelling Entertainment's Worldvision Enterprises in order to pay off debt.[65] In North America, with certain exceptions, those rights are held by Paramount Television Studios through Trifecta Entertainment & Media as the successor to Spelling/Worldvision. All other rights in terms of home video were (and for a majority of the library, still are) licensed to Lionsgate under an ongoing deal with StudioCanal. Lionsgate, in turn, licensed those rights in Canada to Entertainment One (which in turn was acquired by Lionsgate in 2023), although theatrical rights to most of the library were split between Sony Pictures (for Cliffhanger), and Rialto Pictures (for the rest of the library not already retained by its original distributors or passed on to other companies). The video rights to most titles previously released by Lionsgate in North America are now held outright by StudioCanal, and sublicensed to Kino Lorber.

Showgirls was sold in pre-production to United Artists and Chargeurs (now known as Pathé); both studios retained the film.

StudioCanal itself held full distribution rights in France, Germany, Australia, Ireland, and the United Kingdom. In other territories, StudioCanal licensed home video rights to Universal Pictures Home Entertainment until StudioCanal's global distribution deal with Universal expired in January 2022.[66]

Filmography

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1970s

[edit]
Release Date Title Notes
March 30, 1976 The Sicilian Cross financing; produced by Aetos Produzioni; distributed by Agora Cinematografica in Italy and American International Pictures in North America
July 9, 1976 A Small Town in Texas financing; produced and distributed by American International Pictures
July 28, 1976 Futureworld financing; produced and distributed by American International Pictures
October 8, 1976 The Cassandra Crossing financing; produced by ITC Entertainment; distributed by AVCO Embassy Pictures
March 23, 1977 The Domino Principle
March 31, 1977 The Eagle Has Landed financing; produced by ITC Entertainment; distributed by Columbia Pictures
August 5, 1977 March or Die
March 30, 1979 The Silent Partner distributed by EMC
May 11, 1979 Winter Kills financing; distributed by AVCO Embassy Pictures
May 30, 1979 The Fantastic Seven financing; produced by Martin Poll
September 1979 The Sensuous Nurse financing

1980s

[edit]
Release Date Title Notes
March 28, 1980 The Changeling distributed by Associated Film Distribution
August 15, 1980 The Kidnapping of the President financing; distributed by Crown International Pictures
September 5, 1980 Agency financing; distributed by Jensen Farley Pictures
September 9, 1980 Suzanne financing; distributed by 20th Century Fox
September 15, 1980 Shōgun financing; distributed by Paramount Pictures
December 14, 1980 Tribute financing; distributed by 20th Century Fox
February 1, 1981 Caboblanco financing; distributed by AVCO Embassy Pictures
March 23, 1981 The High Country financing; distributed by Crown International Pictures
April 10, 1981 The Last Chase financing; distributed by Crown International Pictures
July 30, 1981 Escape to Victory with Lorimar; distributed by Paramount Pictures
September 25, 1981 Carbon Copy financing; produced by Hemdale Film Corporation and RKO Pictures, distributed by AVCO Embassy Pictures
December 18, 1981 Your Ticket Is No Longer Valid financing
February 12, 1982 The Amateur produced in association with Tiberius Film Productions; distributed by 20th Century Fox
October 22, 1982 First Blood distributed by Orion Pictures
January 1985 Superstition with Panaria, distributed by Almi Pictures
May 22, 1985 Rambo: First Blood Part II first film under distribution pact with TriStar Pictures
March 6, 1987 Angel Heart distributed by TriStar Pictures
April 24, 1987 Extreme Prejudice
October 23, 1987 Prince of Darkness international distribution only; with Alive Films, Larry Franco Productions and Haunted Machine Productions; distributed by Universal Pictures in the U.S.
March 18, 1988 Pound Puppies and the Legend of Big Paw with The Maltese Companies; distributed by TriStar Pictures
May 25, 1988 Rambo III[67] distributed by TriStar Pictures
June 17, 1988 Red Heat
November 4, 1988 They Live international distribution only; with Alive Films and Larry Franco Productions; distributed by Universal Pictures in the U.S.
November 11, 1988 Iron Eagle II distributed by TriStar Pictures
December 2, 1988 Watchers with Concorde Pictures, Centaur Films, Rose & Ruby Productions and Canadian Entertainment Investors No. 2 and Company; distributed by Universal Pictures
January 13, 1989 DeepStar Six distributed by TriStar Pictures
April 7, 1989 Pathfinder subtitled version of a film made in Norway
May 19, 1989 Food of the Gods II distributed by Concorde Pictures
August 4, 1989 Lock Up distributed by TriStar Pictures
September 29, 1989 Johnny Handsome
October 27, 1989 Shocker international distribution only; with Alive Films and Universal City studios; distributed by Universal Pictures in the U.S.
December 22, 1989 Music Box distributed by TriStar Pictures

1990s

[edit]
Release Date Title Notes
February 23, 1990 Mountains of the Moon distributed by TriStar Pictures
June 1, 1990 Total Recall
August 10, 1990 Air America
September 21, 1990 Narrow Margin
November 2, 1990 Jacob's Ladder
December 19, 1990 Hamlet Foreign distribution with Warner Bros., Icon Productions, and Nelson Entertainment
February 8, 1991 L.A. Story distributed by TriStar Pictures
March 1, 1991 The Doors with Bill Graham Films and Imagine Entertainment; distributed by TriStar Pictures
April 25, 1991 The Punisher home media and television distribution[68] in North America only, distributed by New World Pictures and 20th Century Fox internationally
July 3, 1991 Terminator 2: Judgment Day with Lightstorm Entertainment and Le Studio Canal+; distributed by TriStar Pictures
March 20, 1992 Basic Instinct with Le Studio Canal+; distributed by TriStar Pictures
June 26, 1992 Incident at Oglala distributed by Miramax Films
July 10, 1992 Universal Soldier[69] with Centropolis Entertainment; distributed by TriStar Pictures
December 25, 1992 Chaplin with Le Studio Canal+; distributed by TriStar Pictures
May 28, 1993 Cliffhanger
August 26, 1994 Wagons East last Carolco film to be distributed by TriStar Pictures.
October 28, 1994 Stargate with Le Studio Canal+, distributed by Metro-Goldwyn-Mayer
September 8, 1995 Last of the Dogmen with Savoy Pictures
September 22, 1995 Showgirls with United Artists and Chargeurs[70]
December 22, 1995 Cutthroat Island distributed by Metro-Goldwyn-Mayer, last film to be released by Carolco

Seven Arts Pictures

[edit]
Release Date Title Notes
September 14, 1990 Repossessed distributed by New Line/Seven Arts
September 28, 1990 King of New York distributed by New Line/Seven Arts
February 1, 1991 Queens Logic distributed by New Line/Seven Arts; with New Visions Pictures
May 10, 1991 Sweet Talker distributed by New Line/Seven Arts; with New Visions Pictures
May 17, 1991 Dice Rules distributed by New Line/Seven Arts
August 23, 1991 Defenseless distributed by New Line/Seven Arts; with New Visions Pictures
September 20, 1991 Rambling Rose distributed by New Line/Seven Arts
October 25, 1991 Get Back distributed by New Line/Seven Arts; with Majestic Films and Allied Filmmakers
November 1991 The Dark Wind distributed by New Line/Seven Arts; with Le Studio Canal+
June 21, 1992 Aces: Iron Eagle III distributed by New Line/Seven Arts
June 26, 1992 Incident at Oglala distributed by Miramax after closure of Seven Arts banner
August 21, 1992 Light Sleeper distributed by New Line division Fine Line Features; last picture to be made under the Seven Arts banner

References

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  61. ^ "Carolco Pictures, Inc. Form PRE 14C, September 28, 2017". Retrieved December 31, 2022.
  62. ^ "Other News". Los Angeles Times. March 6, 1996.
  63. ^ "AP News Archive" Multimedia Buys Television Programming Assets apnewsarchive.com, Retrieved on October 19, 2013
  64. ^ Lippman, John (February 13, 1992). "Carolco Pictures Sells Some Film Rights to Raise Cash: Movies: Spelling Entertainment will air the productions on TV. The deal is for $64 million". Los Angeles Times.
  65. ^ "'Terminator 2,' 'Basic Instinct' to Return to Studiocanal Distribution Portfolio as NBCUniversal Deal Ends – Global Bulletin". Variety. October 13, 2021.
  66. ^ Delugach, Al (May 31, 1987). "Carolco Seeks Life Beyond 'Rambo' Films". Los Angeles Times. Retrieved June 2, 2012.
  67. ^ "Broadcasting Magazine, 17 June 1991: Syndication Marketplace" (PDF). June 17, 1991. Retrieved July 6, 2020.
  68. ^ Willman, David; Citron, Alan (July 10, 1992). "Carolco Pictures Pins Hopes for Rescue on Its 'Universal Soldier'". Los Angeles Times. Retrieved November 27, 2010.
  69. ^ Bates, James (October 4, 1994). "Carolco Aims to Sell 'Showgirls' in Bid for Cash". Los Angeles Times. Retrieved November 27, 2010.

Further reading

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