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ABC buys rights to air 'Potter'
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November 30, 2001: 2:26 p.m. ET
Disney's TV unit buys network rights to the first two 'Harry Potter' movies.
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NEW YORK (CNN/Money) - Warner Bros. said Friday the ABC television network has bought the rights to air its hit movie "Harry Potter and the Sorcerer's Stone" and the first sequel, "The Chamber of Secrets," for a 10-year license term.
Both companies declined to discuss the price for the rights to the two movies but a knowledgeable source told Reuters that ABC could pay as much as $70 million for each film.
Warner Bros. had started pitching "Harry Potter" to broadcast and cable networks well before the movie opened in theaters earlier this month, with an asking price in the $80 million range. But with the sluggish advertising marketplace, declining ratings of theatrical movies and a weak overall economy, potential buyers tried to negotiate a lower license fee.
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British actor Daniel Radcliffe (center) plays Harry Potter in Warner Bros.' "Harry Potter and the Sorcerer's Stone." | |
ABC's estimated $70 million bid ended up higher than the price CBS, Fox and Warner Bros.' sister networks TBS and TNT were willing to pay. And if the sequel matches the box office power of the original, ABC will pay another $70 million for "Chamber of Secrets," according to Reuters.
The sum is higher than what ABC paid for the rights to last year's blockbuster "Dr. Seuss' How the Grinch Stole Christmas" starring Jim Carrey but is less than what was paid for George Lucas' "Star Wars: Episode I - The Phantom Menace," which earned $80 million for a 10-year license.
Since opening with a record-setting box office take of $90.3 million the weekend before Thanksgiving, the first "Harry Potter" movie has gone on to gross more than $190 million in North America alone.
The first sequel is expected to arrive in theaters next November.
The J.K. Rowling books, which have developed a cult-like following among pre-adolescent children, revolve around Harry Potter, a young wizard, and his group of friends studying magic at a school called Hogwarts.
ABC said that during its licensing period it can air the films on its broadcast network as well as on ABC Family and Disney Channel, two cable networks both owned by ABC parent, Walt Disney Co. (DIS: Research, Estimates).
A spokesman said the network will use the film as part of its new effort to focus on entertainment with more family sensibility.
Both Warner Bros. and CNN/Money are divisions of AOL Time Warner Inc. (AOL: Research, Estimates). 
-- from staff and wire reports
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