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Netflix Reportedly Paid Paramount Over $50 Million For Cloverfield Paradox

Netflix paid a hefty price in order to secure the rights to release The Cloverfield Paradox following the conclusion of the Super Bowl.

According to The Hollywood Reporter, the streaming company paid $50 million to Paramount in order to secure the rights to the film. The stunt helped spare the studio from what was feared to be a massive box office failure while giving Netflix access to high-profile content.

RELATED: Future Cloverfield Films Will Reportedly Release in Theaters

The Cloverfield Paradox had finished principal photography in September 2016, well before the deal was struck. When problems arose ahead of its expected April 20th release date, scenes were added to clarify story beats and tie the film into the Cloverfield franchise's universe, but Paramount was still unhappy with the final product.

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That's when J.J. Abrams, Paramount chairman-CEO Jim Gianopulos, and Netflix chief Ted Sarandos and head of original films Scott Stuber came together over the holidays to solidify a deal that worked out for everyone. Netflix saw an immediate impact, and Paramount retained the rights for China and home entertainment, as well as any future installments of the franchise.

Now streaming on Netflix, directed by Julius Onah, written by Oren Uziel and Doug Jung, and produced by J. J. Abram, The Cloverfield Paradox stars Daniel Brühl, Elizabeth Debicki, Aksel Hennie, Gugu Mbatha-Raw, Chris O’Dowd, John Ortiz, David Oyelowo, and Zhang Ziyi.=

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