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23/08/2004
'Rings' Rights-Holder Sues for Royalties
Movie and music mogul Saul Zaentz has sued the studio behind the hit "Lord of the Rings" movie trilogy for more than $20 million in unpaid royalties.
Zaentz's claim against New Line Cinema, a unit of Time Warner Inc., was spelled out in a complaint filed on Wednesday last, in Los Angeles Superior Court.
Zaentz, who bought the rights to the works of late "Lord of the Rings" author J.R.R. Tolkien in the 1970s, licensed the "Rings" property to New Line in return for a share of the profits.
In his claim, based on a partial audit of the first film, 2001's "The Lord of the Rings: The Fellowship of the Ring," Zaentz said he was owed a percentage of adjusted gross receipts, but New Line's calculations have been based on a net figure. The difference is $198 million -- with 10 percent of that owed to him, the paper said. Additionally, Zaentz sought $700,000 in compensatory damages. An official from New Line was not available for comment.
The three "Rings" films have grossed a combined $2.9 billion worldwide. The third installment, "The Return of the King," earned a record-tying 11 Academy Awards (news - web sites) earlier this year.
Zaentz has three Oscars of his own, having produced the best-picture winners "One Flew Over the Cuckoo's Nest," "Amadeus" and "The English Patient." Zaentz waged a lengthy royalties battle with "English Patient" distributor Miramax Films. On the music side, he has been at war for decades with John Fogerty (news), the former singer/songwriter with rock band Creedence Clearwater Revival, whose copyrights Zaentz owns.
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