Universal Chief Rushes to Secure DreamWorks Job

Universal Pictures chief Stacey Snider, at the center of her own Hollywood drama, was scrambling Friday to close a deal to run DreamWorks SKG while facing a Monday deadline from her current boss to settle her future.

“I’m under pressure to make a decision this weekend, and I’m going to honor that and figure this out,” Snider said late Friday. “I understand this has been destabilizing for the studio.”

Lawyers for Snider and Viacom Inc.-owned Paramount Pictures Corp., which bought production house DreamWorks for $1.6 billion in December, were expected to continue hashing out a potential deal over the weekend. Although talks were bogging down over Snider’s proposed compensation, people familiar with the negotiations said both sides would work through the weekend to try to forge an agreement.

The uncertainty of Snider’s situation has proved a distraction at the Universal lot, where filmmakers and her executive team anxiously await the outcome. Snider said she called a meeting with some of her top lieutenants Friday afternoon to apologize for the turmoil surrounding her situation.

“I’m sorry everyone is going through this and I intend to make a decision in the immediate future,” Snider said she told her staff.

Snider’s vacillation has strained her relationship with her boss, Universal Studios President Ron Meyer.

Meyer told her Friday that if she did not reach a decision by Monday, he would start interviewing possible successors, three executives said. Meyer is said to already have a short list of candidates, including former production executive Scott Stuber, Focus Features co-chief David Linde, Universal Vice Chairman Marc Shmuger and Bonnie Hammer, president of the USA and Sci Fi cable channels -- two of NBC Universal’s most lucrative assets.

“It’s difficult and fraught, but Ron’s been righteous with me and I’ve been honorable with him,” Snider said.

Meyer declined to comment.

Snider asked Meyer last week whether she could explore job opportunities, including at DreamWorks, that would provide her with a less-demanding work schedule. Snider, 44, has two young daughters.

Snider was known to be disappointed when studio parent NBC Universal failed to buy DreamWorks last year, leaving an opening for Paramount.

As Snider’s Paramount negotiations have grown more serious, so has Meyer’s impatience and his desire to stabilize his studio.

If she decides to extend her nine-year stay at Universal, Snider, whose contract expires in December, will be required to immediately sign a multiyear deal.

Under Snider, Universal released such films as “King Kong,” “Meet the Fockers,” “The Mummy” franchise and the Oscar-winning “A Beautiful Mind.”

Closing a DreamWorks deal has proved difficult, said several people with knowledge of the discussions, all of whom declined to be identified because of the sensitivity of the negotiations.

As of Friday, Paramount Chairman Brad Grey, who also declined to comment, was balking at a pay package similar to what Snider makes at Universal because the DreamWorks job would involve much less work, sources said.

As Universal chief, Snider oversees nearly 30 films a year. At DreamWorks, she would be responsible for only four to six films.

Studio chiefs of Snider’s stature typically make $6 million to $8 million in a good year with salary and bonuses, said a lawyer familiar with executive pay who declined to be identified.

In her opening proposal, Snider asked for compensation in that range, a person with knowledge of the talks said. The source suggested that unless Snider was willing to accept less money, Grey would walk away from the table.

In addition to her pay demands, Snider was asking for a five-year contract, two more years than that of DreamWorks co-founders Steven Spielberg and David Geffen.

Grey, who was one of Hollywood’s top talent managers before he took over Paramount last year, has shown himself to be a tough negotiator.

Last summer, when the budget of “Mission: Impossible 3” skyrocketed to about $185 million, Grey threatened to pull the plug on the planned production until star Tom Cruise and his producing partner agreed to cut costs.

If Grey reaches an agreement with Snider, he will then need the blessing of Viacom’s compensation committee, although approval would be expected.

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Times staff writer Lorenza Munoz contributed to this report.