Apple seals unique deal for Brad Pitt Formula 1 movie - report
AdrianHancu/iStock Editorial via Getty Images

A major Formula 1 feature film from Apple (NASDAQ:AAPL) features unique deal aspects that may point a way forward for movie theaters, streaming companies and Hollywood's various stakeholders to coexist, The Hollywood Reporter
confirmed.
Apple (AAPL) had been closing in on a deal for the racing film since January - outrunning rival bidders in Paramount (PARA) (PARAA), Amazon.com (AMZN), MGM, Sony (SONY), Universal (CMCSA), and Netflix (NFLX) - and the project has gotten juicier along the way, with Brad Pitt set to star as an experienced racer coming out of retirement to mentor a younger driver, and Joseph Kosinski to direct fresh off helming an unqualified success story in Top Gun: Maverick.
Kosinski will work with a number of folks from the Maverick team, including writer Ehren Kruger and producer Jerry Bruckheimer Films, according to the report.
And key to the deal was theatrical distribution - but rather than a token or day-and-date release, the movie would have an exclusive global window of at least 30 days (and perhaps up to 60 days) before heading to Apple TV+ (AAPL), THR said.
The deal also reportedly sees Apple and the filmmakers splitting the big-screen take 50/50 - essentially paying the creative team three ways, via upfront fees, hefty buyout fees, and theatrical back-end. And that might signal that whatever size the film, theatrical and streaming are both here to stay, THR noted.
A major theatrical release would be a new milestone for Apple, whose efforts so far in that area have been small-scale awards-focused outings.
Meanwhile in Formula 1 (NASDAQ:FWONA) media news, Netflix (NFLX) is reportedly in the hunt for its first live sports coverage, competing against ESPN, Comcast and Amazon for rights to broadcast races.