Universal Studios Orlando is in talks with Oscar-winning director Steven Spielberg over a buyout clause in his deal with the park, which could cost the resort millions.
Spielberg, who has directed films such as E.T. the Extra-Terrestrial, Schindler’s List, Jaws and Jurassic Park, signed a deal with Universal 20 years ago whereby he would receive 2 per cent of the park’s gate receipts in exchange for his input and endorsement.
As of June 2010, Spielberg has the right to end the deal by way of a buyout clause, which could cost Universal Orlando hundreds of millions of dollars.
However, according to the Orlando Sentinel, Universal’s chief financial officer Tracey Stockwell said during a conference call to discuss the company’s second quarter earnings that “ongoing discussions are being held” about the director’s buyout clause and that the resort was “hopeful for a resolution in the short term.
Universal Studios Orlando remains as one of the most popular attractions in the Orlando area. The Official Ticket Center has major discounts on tickets to this “must see” attraction.