TriStar’s Plan to Go Nova : Studio Cites Explosion of New Films in ‘93-94

TriStar Pictures, which puzzled Hollywood last year with an anemic performance amid rumors of pending executive changes, is turning to big names such as Steven Spielberg and Barbra Streisand and big-budget remakes of classic films in a bid to reverse its fortunes.

At a press conference Thursday, TriStar announced that Spielberg will direct a contemporary version of the adventure tale “Zorro,” tentatively to be released in 1994.

Retellings of “Frankenstein” and “Godzilla” are also planned, along with such highly anticipated films as Nora Ephron’s “Sleepless in Seattle” and “Philadelphia,” Oscar-winning director Jonathan Demme’s film about a lawyer suffering from AIDS.

TriStar released just nine pictures last year, well below the 15 to 18 typically distributed by a major studio. Executives there say they expect to put out at least 13 films this year and 15 in 1994. That includes films picked up from outside producers, such as the upcoming Sylvester Stallone adventure, “Cliffhanger,” from Carolco Pictures.

“It should be clear that while we were taking a lot of flack, there was a lot going on beneath the surface that we couldn’t talk about because it was going to take time,” Chairman Mike Medavoy said.

Medavoy was beset by rumors that his job was in jeopardy throughout much of last year, after the studio practically disappeared from view after the enormous success of “Basic Instinct.” Box office bombs such as “City of Joy,” Woody Allen’s “Husbands and Wives” and “Wind” only fanned the flames.

Sources close to Sony Pictures, TriStar’s parent company, said Medavoy was pressured to resign but ultimately persuaded his bosses that he could put the studio back on track.

“This amounts to a last-ditch effort to salvage his career,” said one executive close to Medavoy, who was hired to run TriStar after a successful career at Orion Pictures.

The lack of TriStar films last year also fueled rumors that Sony planned to sell the studio, spin it off in a public offering or merge the operation into its other studio, Columbia Pictures, in order to save on overhead costs. People close to the studio, however, said Sony is now committed to resuscitating TriStar in anticipation of a stock offering.

Medavoy and other TriStar executives offer two explanations for the studio’s paltry release record:

* Carolco’s financial troubles cut down the number of films it channeled into TriStar’s distribution pipeline.

* There were two major changes in TriStar’s executive ranks when former Orion Pictures President Marc E. Platt was named TriStar’s president and Stacey Lassally became president of production.

Like Medavoy, Platt disputed the notion that the studio was doing little, noting that “Sleepless in Seattle,” scheduled for release in June, is the first TriStar film he’s been heavily involved with.

“The reality was, and is, that we have been an extremely active company. When one is in the early stages of nurturing material and attracting talent, that’s not the most visible part of producing movies,” Platt said.

TriStar started actively flexing its muscles late last year, when it struck long-term deals with high-profile producers Daniel Melnick and Scott Rudin, and announced plans to remake “Godzilla” and “Frankenstein.”

Hollywood agents and attorneys say that TriStar, after a long lull, is actively scooping up scripts and making deals with big-name talent. Landing Spielberg is seen as a major coup. Streisand should also help the studio. She is considering a remake of the French film “Le Miroir a Deux Faces” and a film based on the new Ann Shreve novel “Where or When.”

“They have been very aggressive about acquiring material lately, which is a strong indication of a desire to beef up their production slate,” said entertainment attorney David Colden.

TriStar’s biggest challenge will be proving that it can develop and produce winning films, executives said. Many of the studios biggest hits, including “Basic Instinct,” have come from Carolco, which will release its films through MGM starting next year.

The underlying message in TriStar’s announcement Thursday is that Medavoy is still in charge, an important point to spread to directors, producers and stars considering where to make their next pictures.

Over the last six months, rumors have surfaced constantly that Medavoy’s head would be the next to roll in Hollywood. The rumors were so widespread that a New York Times fashion story last month reported in passing, and later corrected, a sentence saying Medavoy had been fired some time ago.

Trying for a Comeback

TriStar Pictures was last among major studios in market share last year, after distributing only 11 films, including two carry-overs from 1991. The company, a division of Sony Pictures, hopes to stage a comback this year and next by expanding its production slate and hiring big-name talent. 1992 Domestic Box Office Share (Numbers of films): Warner Bros (28 films): 19.8% Disney (27 films): 19.4% Fox (24 films): 14.2% Columbia (19 films): 12.5% Universal (22 films): 11.7% Paramount (20 films): 9.9% TriStar (11 films): 6.6% New Line (15 films): 2.1% MGM (9 films): 1.2% Miramax (20 films): 1.1%

Source: Variety