ASK & DISCUSS
INDEXHas anybody here optioned a book before?
4 years, 3 months ago - Raphael Biss
Hi all! - I posted that question in the wrong place, so here it is again.
Sorry if this has been asked before.
I was wondering if anyone here had been through the process of optioning a book (through agents, with producers, or by themselves) with the aim to make a feature drama.
If so, I'd love to hear more about the do's and don'ts and if you have any tips. - Many thanks!
Only members can post or respond to topics. LOGIN
Not a member of SP? JOIN or FIND OUT MORE
4 years, 3 months ago - Mr Jack Gyori
Following
Response from 4 years, 3 months ago - Mr Jack Gyori SHOW
4 years, 3 months ago - Paddy Robinson-Griffin
Yes, well I set up a deal that was fairly structured, and the agent found a way to go behind my back and strongarm the more money from the producer upfront (obviously he thought that would be the best for his client, can't blame him for that), however the advantage I had was that I knew the financial position and what the producer would stand, so the deal ended up going cold instead. Agent's client got nothing instead of the very decent amount we had previously agreed (and which would have changed hands), so :/
In this case, the book was a wonderfully collated documentary of a factual incident. It was by no means the only book documenting the event, although the author had good connections with some of those involved. This means the option value was actually rather low compared with an original bestselling story, so the deal I'd put together really was the best for all, and I wasn't even getting a cut, or even my train fare!
Anyway, long and short of it is to meet, work out a purchase price (eg £100k to buy the rights), then work out an option price as a percentage of that (eg 5-10%), with terms for the option length (eg 2 years) and renewal terms (can be renewed on the same terms at the same price on expiry upto maybe 2 times).
You're not buying the story rights, you're buying the right to buy the story rights. You have the exclusive OPTION of buying the rights. You may choose to add in derivative rights, or a clause about derivative works, or other media rights, but ultimately you want to hand over cash in exchange for being the ONLY person able to buy the rights and make a film. The option can be sold on, at any price, so if you see a studio who wants to make the book who offers you £50k for the option so they can offer the author the £95k balance, well that's great for you, unlucky for the author, unless they negotiated a percentage deal for production budget (which would be ~2.5% if they did).
If the book isn't famous or a huge seller, you may offer a lot lower, some people even offer a £1 deal for an option, and that can lead to problems for the author and it's not terribly "fair".
But in any case you should get your lawyer to draw up the final deal !
Response from 4 years, 3 months ago - Paddy Robinson-Griffin SHOW