Universal strikes a deal with Steven Spielberg

Leah Zanolla | Posted: Oct 25, 2009 | Updated: Oct 19, 2014 - 9:25:27 AM

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Universal Orlando and Steven Spielberg have renegotiated their contract. Since 1987, Spielberg has allowed Universal to use his name and images from his films in exchange for a portion of the company's revenue. He has been earning about $20 million a year from this deal, but in 2010 was able to take an option to have the rest in a lump payment. According to the Miami Herald, this would have cost the resort hundreds of millions of dollars. Universal is already hurting for money and is currently trying to figure out how to manage $1 billion in debt that is due in April.

The newly rewritten contract will be up in 2017.

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