Netflix makes $450Mn offer to purchase ‘Knives Out’ sequel rights

Netflix makes $450Mn offer to purchase ‘Knives Out’ sequel rights

Streaming media platform Netflix is reportedly set to purchase the rights to the follow-ups of the 2019 detective story Knives Out for a whopping $450 million. The films, “Knives Out 2” and “Knives Out 3” will bring together film star Daniel Craig and director Rian Johnson, who collaborated on the first installment of the murder mystery.

The first Knives Out film had Media Rights Capital as its producer and Lionsgate as the distributor and earned over $311.4 million on a budget of $40 million. It earned Johnson an Oscar nomination for best screenplay. There is no clarity yet on whether MRC will return to the franchise, as they had a single-picture deal for the production of Knives Out which was negotiated on behalf of Johnson and his production partner Ram Bergman by the CAA.

The film will give Netflix a memorable new series amid rising competition in the media streaming sector, especially on the global scenario. This makes the recent transaction one of the biggest deals made for movie series rights ever.

The films will also enable Daniel Craig to segue into a new series, following the theatrical release of “No Time to Die”, which marks the completion of his five-film stint as James Bond. According to an executive from one of Netflix’s competitors, who has extensive experience with franchises, the high price tag of the deal could bring in millions in marketing commitments to eventize the movie worldwide. The executive also noted that salary hikes for 2nd and 3rd sequels can grow exponentially for stars like Craig, which can often overshadow whole production budgets.

Johnson has previously directed various film projects including “Looper”, “Brick” and “Star Wars: The Last Jedi”. He has reportedly stated in a 2019 interview, that he would be thrilled to work on new Knives Out films every few years.