For Entertainment Lawyer - I'm the beneficiary of my Uncle's estate. He was a well known historian/author of many books that have rec'd awards...I rec'd a call from an established independent LA Director interested in an Option for one of his books for a TV docu-drama he's interested in developing (6-8 episodes of 30 - 45 min each). The Director also wants to use 2 other authors' books for this....he offered a very low offer ($500 for 18 mths...and later $5,000 Final Payment to fully own the Option rights). Wondering what is the fair/ proper payment range for selling an option for a book for TV mini-series, given the above-mentioned specifics I addressed...and how to proceed/ negotiate. Thank you.
1 Answer from Attorneys
Without knowing the nature of the books, how many copies were sold or whether the estate (and by extension you) even have the rights to option the books to TV, $500, though not unheard of, is the very low end of option prices. Factors that contribute to estimating a fair option price and final purchase price are the term of the option, the nature of the production, whether exclusivity is sought, the reputation of the producer, among some. In addition you can request approval rights (though many producers would bulk at such a request) and request that your legal costs be covered by the producer.
The next step would be to retain an attorney and proceed to negotiate the best price and terms.
Contact me directly for assistance in this matter
Roman R. Fichman, Esq.
www.TheLegalists.com │ @TheLegalist
email: Info (@) TheLegalists (dot) com
t e l : 2 1 2 -- 3 3 7 -- 9 8 3 7
Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. No intention exists to create an attorney-client relationship or any other special relationship or privilege through this post. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.