Universal Orlando discussing Spielberg buyout

Universal Orlando has begun discussions to look at a buyout clause in the consulting contract it has with Hollywood mogul Steven Spielberg that could potentially cost the resort several hundred million dollars. The Orlando Sentinel reports that the clause is contained within a 22-year-old contract the resort has with Spielberg, under which the director serves as an exclusive consultant to Universal. Duties specified in the contract including helping to design attractions and lending Spielberg's name to promotional materials; in return, Spielberg receives a percentage of the resort's gross revenue. It has paid him more than $90 million over the last five years, regulatory filings reveal.

According to the report, Universal CFO Tracey Stockwell said "ongoing discussions ... are being held" about the buyout clause, adding that the resort is "hopeful for a resolution in the short term." Spielberg could potentially exercise the clause as early as next June, which would allow him to end the annual revenue percentage payments in favor of a one-time payment equal to the fair market value of his stake in the resort, which could amount to hundreds of millions of dollars. Spielberg's films have served as the basis for several Universal attractions over the years, including Jaws, E.T., and Jurassic Park.