With the horrendous economy convincing us that we are mere mortals every day, Hollywood is surrendering to the pinch of the pocketbook as well. In the wake of Picturehouse, WIP and other independent distributors shuttering, Paramount Vantage’s marketing, distribution and physical production departments are to be absorbed by Paramount.
Many high-brow flicks were presented by Vantage, including Sean Penn’s “Into the Wild" and Oscar grabbers “No Country for Old Men” and “There Will Be Blood” (with Miramax). When pet projects, like Vantage president John Lesher’s “A Mighty Heart”, draws in only $9 million on an investment of $14 million, Paramount started putting the heat onto their indie darling.
Vice Chairman of Paramount Pictures, Rob Moore, explains, “The new consolidated structure allows both Paramount and Paramount Vantage to leverage the strengths and resources of a combined talent base, while minimizing redundancies and optimizing efficiencies”, which may or not be industry speak for “we don’t have the money to sustain unprofitable art anymore”. It’s fine, I understand. I don’t like it, but I understand.
But overall, it’s not the end for Vantage. Up for 2008 are Sam Mendes’ “Revolutionary Road”, Sundance pick “American Teen” and “The Duchess”. In this economy, there’s no room for a highly competitive niche market, and Vantage is left paying the price.
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