MOVIES - Oct. 14, 1992

Michaels’ World: Lorne Michaels, the “Saturday Night Live” creator and “Wayne’s World” producer, has extended his pact with Paramount Pictures. Part of the contract extension includes a “Wayne’s World” sequel and a film version of “The Coneheads.” Both originated as skits on “Saturday Night Live.” Michaels said of the extension: “I hope the next year and a half at Paramount is as successful as the last year and a half, because if it is, I’m going to ask for a raise.” “Wayne’s World” has grossed more than $165 million to date worldwide.