Recession Hits Hollywood
The current economic downturn is drying up traditional financing for many film producers -- from those turning out low-budget indies to those making big-star vehicles, the Hollywood Reporter reported today (Thursday). "Projects that would have saile d through easily a year ago are stalled in development. Movies that are practically in preproduction are falling apart at the eleventh hour," the trade publication observed. It cited a number of projects that had been in development by established producers that have fallen apart for lack of financing, including an Oliver Stone-Antoine Fuqua biopic about Colombian drugs overlord Pablo Éscobar and a Tim Robbins-directed feature called The Heretic. William Morris agent Cassian Elwes, one of the top agents among independent filmmakers, told the Reporter: "I think as we go into a tougher economy some films won't get made." He added: "And probably shouldn't get made."