Lecture Notes: Optioning a Book or Life Story for a Movie

Lecturer: Tom Malloy

• Background:
  • Raised over $25 million for financing movies
  • Produced 16 films
  • Written 30 screenplays, of which 24 have been optioned, sold, or made into movies
  • Extensive knowledge in filmmaking

Key Topic: Optioning Books or Life Stories for Movies

• **Definition of an Option: **

  • A legal contract (option contract) acquired from an entertainment attorney.
  • Grants the option to adapt a book or life story into a screenplay and, subsequently, a movie.
  • The option is for a specified term (e.g., 2-3 years).

• Mechanics of Option Contracts:

  • If the project is not completed within the term, rights revert to the original author.
  • Prevents the author from selling rights to multiple parties simultaneously.
  • Not all options result in a film; sometimes, they revert back to the author after the term.

• Financial Implications:

  • Lesser-known works can sometimes be optioned for a nominal fee (as low as $1).
  • More established works or those with a fan base typically require a financial investment.
  • Negotiation with agents or managers may be necessary.

• Process of Optioning:

  • Direct communication with authors or their agents to negotiate terms.
  • Example: Malloy approached a famous mystery author to option a short story.
  • Life rights optioning involves acquiring the rights to someone's life story to adapt it into a film.

Conclusion

• Recommendation:

  • An option contract is a strategic way to acquire rights to stories, books, or life stories.
  • Entertainment attorneys can draft these contracts.
  • Optioning is a cost-effective method for developing potential film projects.

• Additional Resources:

  • Training videos and more information available through links on Tom Malloy’s YouTube channel.