Dethroned Disney executive Peter Rice announced his curve ball of a next move with a carefully orchestrated “exclusive.” He did not join another studio or streamer. He did not raise millions, like his old Fox mentor Peter Chernin, to finance his own projects. Instead, he threw in his lot with rising star A24 to become an “independent producer.”
Thing is: Rice is not, and never has been, a producer. He’s been intimately involved with some storied productions, like Baz Luhrmann’s “Moulin Rouge.” He has an extraordinary roster of relationships, talent and otherwise. But above all Rice is an executive — specifically, one of the most experienced, capable, and respected film and TV executives, one who was earmarked as an heir apparent from his earliest days in Hollywood. It makes more sense to view A24 not as a platform for Rice, but Rice as being the platform for A24.
When Rice joined the Fox movie studio in marketing back in 1989, uber-boss Rupert Murdoch anointed him as someone to watch. (He was a new graduate from the University of Nottingham.) As a production executive, Rice was proud to back Baz Luhrmann’s “Romeo + Juliet,” starring Leonardo DiCaprio and Claire Danes, and musical “Moulin Rouge,” which saw Murdoch and Nicole Kidman dancing on tables at Cannes.
After Rice took over the specialty arm Fox Searchlight in 2000, he led the division to 51 Academy Award nominations, including 10 nominations and eight wins for Danny Boyle’s “Slumdog Millionaire” in 2009. Rice’s many creative relationships include not only Luhrmann and Boyle but Alex Proyas and the Hughes brothers.
Of course, Rice is best-known for his stellar TV career, where he spent more than a decade advancing from chairman and CEO of Fox Networks to president of 21st Century Fox. Upon the sale to Disney, he became chairman of Walt Disney Television and thrived as the studio’s most senior television content executive — until his success proved too threatening to chairman Bob Chapek. He showed Rice the door in June 2022, not long before Chapek was ousted in November and replaced by former CEO Bob Iger.
Rice socked away a lot of money, especially during the Disney sale. He doesn’t need to worry about that. He has the same luxury as Barry Diller did back in the day, when he left Murdoch and Fox and looked around to realize he would rather build his own company than run someone else’s.
Which is why many in Hollywood are looking sideways at the idea that Rice is going the independent producer route. This non-exclusive, open-ended deal provides enough wriggle room to figure out what his next move really is — or, to help A24 become a bigger studio.
A24 has massive ambitions of its own. A year ago, after speculation swirled that it was for sale, the company raised $225 million. Growth equity company Stripes, which invests in brands like GoFundMe and Erehwon, now owns 10 percent of A24 at a valuation of $2.5 billion.
For now, A24 is ready to spend more to gain access to Rice’s sizable brain. He knows how multimedia companies work. “A24 is a business whose aspirations are unlimited,” said one high-level Hollywood executive. “They’re not trying to become Focus. They want to become a big media company.” Hiring Rice is a way for A24 — which just paid $10 million for Manhattan’s Cherry Lane Theatre, invested in music startup Gamma, and launched makeup line Half Magic, which capitalized on the trendsetting looks in the A24 production “Euphoria” — to smartly grow its business.
A24 still makes movies for theatrical release, like last year’s Oscar-winner “Everything Everywhere All At Once” ($111 million worldwide); this year’s Sundance and Berlin hit “Past Lives,” which opens today, may follow suit. But the modest indie drama faces a challenging period for specialty films that not even the trendy A24 brand can counter. Ari Aster’s“Beau is Afraid” topped out at $9.6 million worldwide, a disappointing return for a $35-million budget. And Nicole Holofcener’s “You Hurt My Feelings” is struggling in theaters, even with strong reviews.
Coming this fall is director Jonathan Glazer’s return to filmmaking after a 10-year absence, Cannes prize-winner “Zone of Interest.” The German-language holocaust drama starring Sandra Huller could be a UK international Oscar submission, but may not drive box office. Others in the movie pipeline include “Problemista,” “Talk to Me,” and “The Iron Claw.”
It’s more likely that where A24 and Rice will make noise is television, where the studio already has “Euphoria” and Sam Levinson’s Cannes debut “The Idol,” as well as Netflix’s “Beef.” The company has few partners; A24’s exclusive digital deal with Showtime expires in November and it has not replaced its streaming deal with Apple. However, expect Rice’s A24 shingle to prove magnetic. The only question is how much the cash-frugal A24 makes available for development. Whatever material they don’t finance, he can set up elsewhere.
Rice can generate more content volume and guide A24 toward world domination, should it so desire. If that does happen, Rice would make an excellent leader. For now, it’s a win-win for both companies, however long the romance lasts.
