STALLONE ANNOUNCES SALE OF FOREIGN RIGHTS TO 10 FILMS

Sylvester Stallone, in a sequel to a press conference he hosted last May to announce a 10-picture deal with United Artists Corp., announced Thursday that he has sold the foreign theatrical and home video rights to those movies to Carolco Pictures Inc.

Carolco co-chairmen Andrew Vajna and Mario Kassar said Carolco will contribute between $100 million and $125 million toward the production costs of the 10 movies and that Stallone’s White Eagle Enterprises will receive 140,500 shares of Carolco stock.

Stallone may also exercise an option to acquire 12% of Carolco’s interest in International Video Entertainment, the Carolco-controlled company that will release the White Eagle/United Artists movies on videocassette.

As previously announced, Stallone will star in five of the films and write, direct or produce the other five. All 10 movies, he said, will be in the action genre, adding that they will be “artistic” action films.

The first movie in the set, which is to be made over the next six years, will be the third installment in the “Rambo” series. Carolco, an independent production company, hit the jackpot producing the first two “Rambo” movies, “First Blood” and “Rambo: First Blood Part II,” have grossed nearly $400 million worldwide.

Stallone still has the cable and TV syndication rights to the movies in the UA/Carolco package. Can Press Conference Part III be far off?