"Mission: Impossible 7" Turns Profit by Leveraging Insurance - Overcoming Past Losses
"Mission: Impossible 7" Turns Profit by Leveraging Insurance - Overcoming Past Losses
2023-09-18
According to Collider, "Mission: Impossible 7" initially faced delays in production and exceeded its budget due to the pandemic, with a projected global box office loss of $20 million. However, Paramount Pictures managed to secure a $71 million compensation from the insurance company, successfully turning their losses into profits.
Due to significant delays during production, Paramount had sought compensation through insurance, with the potential for up to $100 million in production delay claims. However, the insurance only paid out $5.5 million, leading Paramount to file a lawsuit against the insurer's parent company in 2021.
They later reached a settlement in July 2022. Recent financial records submitted by Paramount's UK subsidiary, Jupiter Spring Productions, reveal that Jupiter Spring received $58 million in insurance income within the year ending on December 31, 2022, with a total payout of $71 million.
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