Spielberg in talks over contract with theme park

August 10, 2009 by USA Today

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ORLANDO, Florida (AP) — Universal Orlando officials are negotiating with Steven Spielberg over whether to renew a consulting contract.

Tracey Stockwell, principal financial officer of Universal's parent company, said in a conference call Friday that the theme park resort is hoping for a quick resolution.

Under the contract, Spielberg gets a flat fee and a percentage of revenues of movie or television-themed attractions in exchange for advising the theme park resort and working on other projects around the world.

Although there is no expiration date for the arrangement, starting in June 2010, Spielberg has the right to end it. He can then can get a single lump sum payment based on his interests in the Orlando parks and other projects around the world.

Universal's regulatory filings Friday did not disclose the amount involved.

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