1 00:00:06,160 --> 00:00:10,039 Speaker 1: Welcome to another episode of Strictly Business, the podcast from 2 00:00:10,119 --> 00:00:12,240 Speaker 1: Variety in which we talked to some of the brightest 3 00:00:12,240 --> 00:00:16,599 Speaker 1: minds working in media today. I'm Andrew Wallenstein with Variety. 4 00:00:17,520 --> 00:00:20,439 Speaker 1: Paramount and Nickelodeon are behind the new movie Dora and 5 00:00:20,480 --> 00:00:22,919 Speaker 1: the Lost City of Gold. But they weren't alone in 6 00:00:22,960 --> 00:00:26,400 Speaker 1: that regard. Walden Media teamed with them to bring the 7 00:00:26,600 --> 00:00:29,640 Speaker 1: iconic children's character to the big screen for the first time. 8 00:00:30,320 --> 00:00:33,879 Speaker 1: It's the latest family friendly film Walden has partnered with 9 00:00:33,960 --> 00:00:37,879 Speaker 1: a major studio to make, going back sixteen years, including 10 00:00:37,960 --> 00:00:41,680 Speaker 1: Chronicles of Narnia and A Dog's Purpose. But as my guest, 11 00:00:41,800 --> 00:00:46,240 Speaker 1: Walden CEO Frank Smith can attest, his company's strategic approach 12 00:00:46,240 --> 00:00:48,760 Speaker 1: to the business has had to change with the times. 13 00:00:52,240 --> 00:00:55,720 Speaker 1: Thanks for coming in, Frank. So viewers are used to 14 00:00:55,760 --> 00:00:59,880 Speaker 1: seeing the Walden name, but explain why family friendly is 15 00:01:00,160 --> 00:01:03,320 Speaker 1: sort of the company specialty. Well, you know, our brand 16 00:01:03,400 --> 00:01:08,119 Speaker 1: was created specifically for families because you know, you can 17 00:01:08,160 --> 00:01:11,280 Speaker 1: have a cineplex out there with eighteen movies and there 18 00:01:11,280 --> 00:01:14,479 Speaker 1: may not be anything appropriate to take young children to see. 19 00:01:14,959 --> 00:01:19,440 Speaker 1: So our company's mandate has always been to find inspirational stories, 20 00:01:20,160 --> 00:01:24,760 Speaker 1: family friendly stories. Um that you know, hopefully will be 21 00:01:24,880 --> 00:01:28,160 Speaker 1: cross generational, so that a grandparent can take a grandchild 22 00:01:28,240 --> 00:01:30,240 Speaker 1: to a movie and then afterwards, while they're having lunch 23 00:01:30,319 --> 00:01:33,200 Speaker 1: or dinner, they can sit and discuss and have a conversation. 24 00:01:33,200 --> 00:01:36,399 Speaker 1: We're trying to bring people together. And as I said, 25 00:01:36,400 --> 00:01:39,480 Speaker 1: you've been doing this for about sixteen years now. Talk 26 00:01:39,520 --> 00:01:42,640 Speaker 1: a bit about the corporate parentage and the Ant Shuts 27 00:01:42,640 --> 00:01:47,560 Speaker 1: side of this. Yes, we are wholly owned by UM. 28 00:01:47,800 --> 00:01:51,600 Speaker 1: Ant Shoots Corporation are Big Sister is a G A G. 29 00:01:51,800 --> 00:01:55,600 Speaker 1: Live UM and we're the film division so UM. But 30 00:01:55,840 --> 00:01:58,520 Speaker 1: our company, I run it like a it's a separate, 31 00:01:58,560 --> 00:02:01,880 Speaker 1: autonomous business. We of our own goal UM to do 32 00:02:01,920 --> 00:02:04,000 Speaker 1: a certain amount of films a year, a certain quality 33 00:02:04,000 --> 00:02:08,360 Speaker 1: of films and uh, and we're focused on that. And 34 00:02:08,400 --> 00:02:12,679 Speaker 1: as I mentioned as well, Dora now in theaters. I 35 00:02:12,720 --> 00:02:17,079 Speaker 1: was surprised when I saw this movie because obviously it's 36 00:02:17,080 --> 00:02:20,520 Speaker 1: a kid friendly that's what Walden is all about. But 37 00:02:20,600 --> 00:02:23,960 Speaker 1: it also felt a bit aged up, as if this 38 00:02:24,080 --> 00:02:28,519 Speaker 1: was for an older audience. So what was the rationale there? Oh? Well, 39 00:02:29,040 --> 00:02:32,600 Speaker 1: you know, Dora was a incredibly popular, you know, animated 40 00:02:32,600 --> 00:02:34,840 Speaker 1: TV series UM that appeal to younger kids. But the 41 00:02:34,919 --> 00:02:37,200 Speaker 1: kids started to grow up with Dora and and age 42 00:02:37,280 --> 00:02:39,480 Speaker 1: up with Dora. And when you're doing a you know, 43 00:02:39,520 --> 00:02:42,160 Speaker 1: a live action feature film, when even when you're using 44 00:02:42,240 --> 00:02:45,600 Speaker 1: known I p you want to make it appeal to 45 00:02:45,639 --> 00:02:48,600 Speaker 1: the broadest audience possible and age it up, especially when 46 00:02:48,600 --> 00:02:50,520 Speaker 1: you're spending that much money to make a live action 47 00:02:50,600 --> 00:02:53,720 Speaker 1: c g I hybrid film. So of course we aged 48 00:02:53,840 --> 00:02:55,560 Speaker 1: we aged the kids up to make it you know, 49 00:02:55,800 --> 00:02:59,680 Speaker 1: more comedy, more interesting, um and more fun, um and 50 00:02:59,680 --> 00:03:01,880 Speaker 1: and all so to bring parents wanting to see it 51 00:03:01,919 --> 00:03:04,160 Speaker 1: with the kids, you know. And it felt sort of 52 00:03:04,320 --> 00:03:07,600 Speaker 1: classic Walden in that regard, because you guys have done 53 00:03:07,600 --> 00:03:09,480 Speaker 1: a lot of these movies of the years that are 54 00:03:09,520 --> 00:03:15,320 Speaker 1: sort of adventure kid friends. So what sort of formula 55 00:03:15,400 --> 00:03:18,239 Speaker 1: does Walden bring to a space that Frankly, there's lots 56 00:03:18,240 --> 00:03:21,720 Speaker 1: of companies, bigger companies that are targeting kids. We've had 57 00:03:21,760 --> 00:03:25,000 Speaker 1: some great success, I mean, you know, besides Chronicles of Narnia, 58 00:03:25,040 --> 00:03:26,880 Speaker 1: we did Bridge to Tara Fithia, which was a little 59 00:03:26,880 --> 00:03:29,320 Speaker 1: movie that did tremendous business, and Wonder a couple of 60 00:03:29,360 --> 00:03:33,400 Speaker 1: years ago. Um. But when when I saw that Dora 61 00:03:33,600 --> 00:03:37,280 Speaker 1: was being developed into a live action c g I 62 00:03:37,320 --> 00:03:40,960 Speaker 1: feature film like this. It immediately lit up in my 63 00:03:41,000 --> 00:03:43,160 Speaker 1: head that this was a lot like Journey to the 64 00:03:43,160 --> 00:03:45,760 Speaker 1: Center of the Earth, which we made and was wildly successful. 65 00:03:45,800 --> 00:03:48,520 Speaker 1: We've had two films with New Line and Warner Brothers 66 00:03:49,360 --> 00:03:52,800 Speaker 1: um as as well as um Nim's Island, which is 67 00:03:52,800 --> 00:03:55,280 Speaker 1: a film we made with Jodie Foster and Gerard Butler 68 00:03:55,480 --> 00:03:58,480 Speaker 1: and Abigail President, which were very proud of. And there 69 00:03:58,560 --> 00:04:01,320 Speaker 1: was a lot of similarities. Big action adventure. You have 70 00:04:01,960 --> 00:04:06,080 Speaker 1: funny adults, you have smart kids, um and it's very 71 00:04:06,120 --> 00:04:08,720 Speaker 1: inspirational for kids to see these kind of stories you know, 72 00:04:09,680 --> 00:04:12,680 Speaker 1: of of of being in in situations that you know 73 00:04:12,760 --> 00:04:14,800 Speaker 1: we're never going to be in, but that these kids 74 00:04:14,800 --> 00:04:16,960 Speaker 1: are the smart ones that that pull you know, pull 75 00:04:17,040 --> 00:04:20,440 Speaker 1: it off and save the day. So how does Walden operate? 76 00:04:20,480 --> 00:04:23,880 Speaker 1: Because we've talked about Warner Brothers, We've talked about Power Amount, 77 00:04:24,320 --> 00:04:28,599 Speaker 1: So explain you know how you function in relation to 78 00:04:28,640 --> 00:04:31,320 Speaker 1: the studios that you partner with. Sure, um, Well, we 79 00:04:31,360 --> 00:04:34,440 Speaker 1: are a production company. We are not a studio. We 80 00:04:34,520 --> 00:04:37,080 Speaker 1: do not we make films, We deliver films, We co 81 00:04:37,200 --> 00:04:41,800 Speaker 1: finance films. We wear many different hats. Historically, when Walden started, 82 00:04:41,839 --> 00:04:45,200 Speaker 1: they were true. Uh. You know, we developed everything internally 83 00:04:45,200 --> 00:04:47,600 Speaker 1: and then set it up with our home studios, which 84 00:04:47,640 --> 00:04:51,719 Speaker 1: at that time, you know, was Fox. And you know, 85 00:04:51,800 --> 00:04:54,400 Speaker 1: the industry has changed so dramatically around us, and so 86 00:04:54,520 --> 00:04:58,560 Speaker 1: quickly you realize to to be to continue with your 87 00:04:58,560 --> 00:05:00,960 Speaker 1: mandate to be relevant, you have to change with the industry. 88 00:05:01,320 --> 00:05:05,320 Speaker 1: And that included starting to develop stuff for television, UM, 89 00:05:05,320 --> 00:05:07,880 Speaker 1: flipping projects that were intended for feature film over to 90 00:05:07,920 --> 00:05:12,599 Speaker 1: the streamers, UM, and changing how we do business. Because 91 00:05:12,640 --> 00:05:15,119 Speaker 1: when somebody sits in the theater and they see Walt 92 00:05:15,120 --> 00:05:19,000 Speaker 1: Disney pictures in Walden Media present, they don't know whether 93 00:05:19,040 --> 00:05:21,840 Speaker 1: the film was originated with Walden or with Disney. They 94 00:05:21,839 --> 00:05:23,840 Speaker 1: don't know if Walden is a financi air. They just 95 00:05:24,200 --> 00:05:26,360 Speaker 1: they see the movie, they like the product, they see 96 00:05:26,360 --> 00:05:29,960 Speaker 1: the names. And so I realized there's a lot of 97 00:05:30,240 --> 00:05:34,400 Speaker 1: um of I p out there that's being made that's 98 00:05:34,400 --> 00:05:36,159 Speaker 1: so perfect for our brands. And it was such a 99 00:05:36,160 --> 00:05:37,880 Speaker 1: shame when I see a film released and they say 100 00:05:37,920 --> 00:05:39,880 Speaker 1: that should have been a Walden film. Well, the only 101 00:05:39,880 --> 00:05:41,599 Speaker 1: reason it wasn't is because we didn't knock on the 102 00:05:41,600 --> 00:05:45,680 Speaker 1: studio doors at the time and say, hey, we would 103 00:05:45,680 --> 00:05:47,960 Speaker 1: love to come in on this film early, if possible, 104 00:05:48,000 --> 00:05:49,839 Speaker 1: we like to be part of the development process to 105 00:05:49,839 --> 00:05:51,680 Speaker 1: make sure it has the you know, it fits the 106 00:05:51,720 --> 00:05:56,000 Speaker 1: Walden brand perfectly. But um, we we started tracking all 107 00:05:56,000 --> 00:05:58,080 Speaker 1: these projects where they were going. So even if we 108 00:05:58,080 --> 00:06:00,760 Speaker 1: were outbid by a studio, but then knock on the 109 00:06:00,760 --> 00:06:02,480 Speaker 1: studio door and say, hey, we still want to be 110 00:06:02,560 --> 00:06:04,360 Speaker 1: a part of this. Um, we'd like to come in. 111 00:06:04,440 --> 00:06:07,880 Speaker 1: And Walden is a known brand, and um what we 112 00:06:07,920 --> 00:06:09,760 Speaker 1: found was the studios were thrilled to have us come 113 00:06:09,800 --> 00:06:11,720 Speaker 1: in because to put Walden's name on a film is 114 00:06:11,760 --> 00:06:13,840 Speaker 1: like a seal of approval for a lot of parents. Yes, 115 00:06:13,839 --> 00:06:16,839 Speaker 1: we're not Disney, but there's there's an aspect of that 116 00:06:16,839 --> 00:06:18,880 Speaker 1: that parents say, oh, it's a Walden movie, It's okay, 117 00:06:18,920 --> 00:06:20,800 Speaker 1: it's okay for the kids to watch. It becomes a 118 00:06:20,880 --> 00:06:24,040 Speaker 1: brand like Disney. Well, how do you differ from Disney? 119 00:06:24,120 --> 00:06:26,400 Speaker 1: Is there something about the Walden brand that tells the 120 00:06:26,400 --> 00:06:30,279 Speaker 1: audience this is not like Disney in this way? And 121 00:06:30,320 --> 00:06:32,800 Speaker 1: how do you compete against the company that being Well, 122 00:06:32,960 --> 00:06:36,040 Speaker 1: first of all, we're really not competing against Disney proper 123 00:06:36,120 --> 00:06:39,360 Speaker 1: the studio anymore, because they're they're making you know, Marvel 124 00:06:39,520 --> 00:06:43,080 Speaker 1: and and large budget films, and we've veered away from 125 00:06:43,080 --> 00:06:45,200 Speaker 1: the you know, our early films were made, which the 126 00:06:45,279 --> 00:06:49,120 Speaker 1: Holes was with Disney Bridge Terraby Fthew was with Disney, 127 00:06:49,200 --> 00:06:52,000 Speaker 1: and Disney is not doing those films anymore. So we 128 00:06:52,320 --> 00:06:57,080 Speaker 1: searched who is lions Gate ambling who's making those movies 129 00:06:57,120 --> 00:06:59,560 Speaker 1: that that that Walden should be making these twenty to 130 00:06:59,680 --> 00:07:03,480 Speaker 1: fifty million dollar family films, and that's who we're partnering 131 00:07:03,520 --> 00:07:06,320 Speaker 1: with now. So so we do differ. Obviously, we're a 132 00:07:06,320 --> 00:07:09,640 Speaker 1: production company. We're not you know, the beheamoth of of Disney, 133 00:07:09,880 --> 00:07:12,160 Speaker 1: but but they're not doing so much now with the 134 00:07:12,160 --> 00:07:14,560 Speaker 1: new streaming service they probably will and real be happy 135 00:07:14,560 --> 00:07:16,400 Speaker 1: to be in business with them if they're making stuff 136 00:07:16,440 --> 00:07:19,240 Speaker 1: in the Walten space because as you mentioned also, you're 137 00:07:19,280 --> 00:07:22,800 Speaker 1: not just making movies anymore, television too. So what's going 138 00:07:22,840 --> 00:07:25,320 Speaker 1: on on that front. Well, we're thrilled. We are. We're 139 00:07:25,360 --> 00:07:29,680 Speaker 1: starting production very shortly principal photography i should say, for 140 00:07:29,800 --> 00:07:33,600 Speaker 1: Babysitters Club with Netflix. So we're really excited about that 141 00:07:33,640 --> 00:07:38,000 Speaker 1: Classic Kids, Classic Kids franchise, and and the show was 142 00:07:38,040 --> 00:07:40,520 Speaker 1: on HBO years ago, I think in the nineties, and 143 00:07:40,640 --> 00:07:44,080 Speaker 1: we've rebooted it with a modern, fresh take on it, 144 00:07:44,160 --> 00:07:46,480 Speaker 1: and it's coming along really good and very proud of 145 00:07:46,480 --> 00:07:48,600 Speaker 1: this project. So we're starting to do a lot more 146 00:07:48,640 --> 00:07:52,480 Speaker 1: with the streamers Netflix. Um we have a Babysitters Guide 147 00:07:52,520 --> 00:07:55,960 Speaker 1: to Monster Hunting, another Babysitters project, not to be Confused, 148 00:07:55,960 --> 00:07:59,600 Speaker 1: which is a feature film with Montecito um Ivan Rightman, 149 00:07:59,720 --> 00:08:01,960 Speaker 1: and were thrilled that that's coming along great and also 150 00:08:02,040 --> 00:08:04,960 Speaker 1: starting principal photography shortly. So it's fun to be in 151 00:08:05,000 --> 00:08:07,040 Speaker 1: business with the streamers. It's it opens up a whole 152 00:08:07,040 --> 00:08:10,960 Speaker 1: new space for us. It's not just about the about 153 00:08:11,000 --> 00:08:14,920 Speaker 1: the traditional studios or traditional television so well, to some degree, 154 00:08:15,720 --> 00:08:19,200 Speaker 1: is it also about the kind of kids content that 155 00:08:19,240 --> 00:08:22,480 Speaker 1: you want to do is getting crowded out by the 156 00:08:22,520 --> 00:08:27,080 Speaker 1: marvels in the theater correct world. It's hard streamers, Let's 157 00:08:27,120 --> 00:08:28,680 Speaker 1: not kill ourselves in the day and age we live 158 00:08:28,720 --> 00:08:31,320 Speaker 1: in to make a million dollar movie successful that we 159 00:08:31,400 --> 00:08:35,760 Speaker 1: had Wonder and The Dogs Purpose in in the same year, 160 00:08:35,800 --> 00:08:37,400 Speaker 1: and both those films were done for a price. In 161 00:08:37,480 --> 00:08:41,720 Speaker 1: both those films were well done and wildly successful. It's 162 00:08:41,800 --> 00:08:44,840 Speaker 1: it's it's incredible and you can still do it. But 163 00:08:44,920 --> 00:08:47,000 Speaker 1: to get a film off the ground, I mean what 164 00:08:47,080 --> 00:08:48,560 Speaker 1: you have to spend in P and A is more 165 00:08:48,600 --> 00:08:50,400 Speaker 1: than you spent to make the film itself. There's a 166 00:08:50,400 --> 00:08:54,480 Speaker 1: lot involved. So the streamers, it's a different setup, it's 167 00:08:54,480 --> 00:08:57,760 Speaker 1: a it's a different financing model. But um but it 168 00:08:57,840 --> 00:09:00,040 Speaker 1: opened up a whole new world for us and we 169 00:09:00,120 --> 00:09:01,560 Speaker 1: want to you know, we want the brand out that 170 00:09:01,640 --> 00:09:03,800 Speaker 1: we want to be relevant and the times are changing. 171 00:09:03,920 --> 00:09:07,440 Speaker 1: So so the trade off is you are not saddled 172 00:09:07,480 --> 00:09:09,640 Speaker 1: with this massive P and A spend, But on the 173 00:09:09,679 --> 00:09:15,600 Speaker 1: other hand, your back end is limited. So I mean, 174 00:09:16,080 --> 00:09:18,560 Speaker 1: does that make you nervous? No, because we still are 175 00:09:18,600 --> 00:09:20,560 Speaker 1: doing our feature We're doing a little bit of everything 176 00:09:20,640 --> 00:09:23,120 Speaker 1: right now. I have feature films going into production. I 177 00:09:23,240 --> 00:09:27,320 Speaker 1: have a television streaming going into production. Some things we 178 00:09:27,400 --> 00:09:29,880 Speaker 1: are co financing. Some things we are producers for hire, 179 00:09:29,920 --> 00:09:32,480 Speaker 1: which is something that we didn't do in the past. 180 00:09:32,600 --> 00:09:35,400 Speaker 1: You know, we've been developing things and if you know, 181 00:09:35,480 --> 00:09:38,280 Speaker 1: if we're not you know, happy with the financing deal, 182 00:09:38,400 --> 00:09:40,480 Speaker 1: or the financing deal can't be made because it's going 183 00:09:40,520 --> 00:09:43,280 Speaker 1: to a streamer that doesn't let you peek behind the curtain, 184 00:09:43,320 --> 00:09:46,920 Speaker 1: there's no way to give you upside, right, So we 185 00:09:46,920 --> 00:09:51,000 Speaker 1: were open to, uh, you know, different structures and depending 186 00:09:51,000 --> 00:09:54,480 Speaker 1: on what works on that particular project. It's very project specific, 187 00:09:54,840 --> 00:09:58,600 Speaker 1: so it's you're not just money, you are a company 188 00:09:58,640 --> 00:10:01,120 Speaker 1: that we're a brand. You come specialists. Yes, we're a 189 00:10:01,160 --> 00:10:05,319 Speaker 1: specialist and it's interesting. Very recently on a project we 190 00:10:05,400 --> 00:10:08,559 Speaker 1: tested it actually early on in the development, we said, 191 00:10:08,679 --> 00:10:10,960 Speaker 1: there's something in this project, which is a very family 192 00:10:11,000 --> 00:10:13,679 Speaker 1: friendly PG project, there's something and that their parents will 193 00:10:13,720 --> 00:10:15,880 Speaker 1: not like and we really should take it out. And 194 00:10:15,920 --> 00:10:18,319 Speaker 1: the studio argued with us, oh, you're Walden, You're being 195 00:10:18,400 --> 00:10:21,120 Speaker 1: way too sensitive, and we said, no, parents are gonna 196 00:10:21,120 --> 00:10:23,840 Speaker 1: have a problem. And then we did to test screenings 197 00:10:23,880 --> 00:10:26,679 Speaker 1: and in both test screenings, parents said, I loved it. 198 00:10:26,679 --> 00:10:29,600 Speaker 1: It's really good, but except I have a problem with this. 199 00:10:29,679 --> 00:10:31,520 Speaker 1: And the second test screening they said, I can't even 200 00:10:31,520 --> 00:10:35,400 Speaker 1: recommend this film because that's in there. And I wasn't 201 00:10:35,400 --> 00:10:36,959 Speaker 1: gonna say I told you so. We just said, I 202 00:10:37,000 --> 00:10:38,880 Speaker 1: think it's time to take that out and they said, agreed. 203 00:10:39,040 --> 00:10:41,040 Speaker 1: Studio at the highest levels that agreed. It comes out. 204 00:10:41,160 --> 00:10:43,920 Speaker 1: And by the way, it's not that I can see 205 00:10:43,920 --> 00:10:46,200 Speaker 1: why most people would have lost over it. Can you 206 00:10:46,240 --> 00:10:49,560 Speaker 1: tell us what exactly? I can't get into specifics on it. 207 00:10:49,600 --> 00:10:51,160 Speaker 1: I can tell you that we've been doing this a 208 00:10:51,160 --> 00:10:55,640 Speaker 1: long time and it's very interesting. Walden has a loyal 209 00:10:55,800 --> 00:11:02,160 Speaker 1: following and we get letters, not blogs, letters from parents sometimes. Uh, 210 00:11:02,240 --> 00:11:04,760 Speaker 1: you know, I don't think that this was appropriate, and 211 00:11:04,760 --> 00:11:07,880 Speaker 1: and and and you know, you can't please everybody, but 212 00:11:07,960 --> 00:11:09,840 Speaker 1: you have to air on the side of couture. You 213 00:11:09,880 --> 00:11:12,480 Speaker 1: have to make content that will appeal to the broadest 214 00:11:12,520 --> 00:11:15,600 Speaker 1: audience possible. Everybody has a different threshold for what they 215 00:11:15,600 --> 00:11:17,599 Speaker 1: think is appropriate for six year old or seven or 216 00:11:17,600 --> 00:11:20,280 Speaker 1: eight year old. Um, but you want to make content 217 00:11:20,400 --> 00:11:22,360 Speaker 1: that if you can even think for a second, some 218 00:11:22,400 --> 00:11:24,880 Speaker 1: parents are gonna have a problem with this, it's not necessary, 219 00:11:24,960 --> 00:11:28,840 Speaker 1: it's not you know, integral to the plot. Then then 220 00:11:28,920 --> 00:11:31,280 Speaker 1: take it out. Why why upset? And you know, it's 221 00:11:31,320 --> 00:11:35,360 Speaker 1: interesting because Disney historically that was their m O. If 222 00:11:35,360 --> 00:11:39,040 Speaker 1: you look at Disney films historically, it's been very down, 223 00:11:39,160 --> 00:11:41,199 Speaker 1: you know, right down the middle, and very careful about 224 00:11:41,200 --> 00:11:44,920 Speaker 1: what they put in their films. Well, I'm also wondering 225 00:11:44,920 --> 00:11:48,160 Speaker 1: we're talking about Disney and Paramount, but your First Look 226 00:11:48,200 --> 00:11:51,800 Speaker 1: deal is actually currently at Fox. I think I think 227 00:11:51,800 --> 00:11:57,480 Speaker 1: it ended Friday, after ten years. Wow, So what does 228 00:11:57,520 --> 00:12:00,280 Speaker 1: it matter? What does a first look deal matter to 229 00:12:00,320 --> 00:12:03,440 Speaker 1: a company like yours? And what could you be doing 230 00:12:03,480 --> 00:12:05,520 Speaker 1: next on that? Well, you know, it's interesting. We've always 231 00:12:05,520 --> 00:12:07,400 Speaker 1: had first look deals. We had ten years of Fox 232 00:12:07,440 --> 00:12:09,320 Speaker 1: before that we were at Disney. That's how the Narnia 233 00:12:09,400 --> 00:12:12,240 Speaker 1: franchise got set up there originally. But a first look 234 00:12:12,240 --> 00:12:14,680 Speaker 1: deal was important to a production company, especially a well 235 00:12:14,760 --> 00:12:18,000 Speaker 1: funded production company. We have a lot of capital um, 236 00:12:18,080 --> 00:12:19,880 Speaker 1: so to know that we have a first look deal 237 00:12:20,400 --> 00:12:24,240 Speaker 1: home studio number one, number two. If we developed something internally, 238 00:12:24,280 --> 00:12:26,160 Speaker 1: to know that we can put it to a studio 239 00:12:26,640 --> 00:12:29,559 Speaker 1: was always very important. But times have changed so dramatically 240 00:12:29,559 --> 00:12:32,800 Speaker 1: over the past fifteen years that I'm wondering whether you 241 00:12:32,840 --> 00:12:35,920 Speaker 1: know you do you need a first look deal in 242 00:12:35,920 --> 00:12:37,199 Speaker 1: this day and age. And I gave it a lot 243 00:12:37,200 --> 00:12:39,280 Speaker 1: of thought, knowing that the Fox deal was coming up, 244 00:12:39,360 --> 00:12:41,920 Speaker 1: and and obviously with what's going on there, you know, 245 00:12:42,040 --> 00:12:45,679 Speaker 1: it wasn't going to be renewed at Fox UM. But 246 00:12:45,720 --> 00:12:48,720 Speaker 1: I was shocked to find out that Studios came to 247 00:12:48,800 --> 00:12:50,360 Speaker 1: us and they said, oh, your deal is a thing. 248 00:12:50,360 --> 00:12:52,800 Speaker 1: We love Walden and we would like to do a 249 00:12:52,840 --> 00:12:54,839 Speaker 1: first look deal. So we are in talks right now 250 00:12:54,880 --> 00:12:57,320 Speaker 1: with a major studio to do a new first look deal. 251 00:12:57,520 --> 00:12:59,360 Speaker 1: And I still think, after giving a lot of thought, 252 00:12:59,360 --> 00:13:01,960 Speaker 1: I'm old school and the primary focus of the company 253 00:13:02,040 --> 00:13:04,440 Speaker 1: is feature film, So to have a first look at 254 00:13:04,480 --> 00:13:08,280 Speaker 1: a studio, I think it's still valuable. M Well, we'll 255 00:13:08,320 --> 00:13:11,720 Speaker 1: have to see where that one ends up. Um, getting 256 00:13:11,760 --> 00:13:16,320 Speaker 1: back to what comes next after Dora in theaters, what 257 00:13:16,440 --> 00:13:18,360 Speaker 1: is sort of the next big project for you guys. 258 00:13:19,080 --> 00:13:22,480 Speaker 1: We have another one with Paramount called Playing with Fire, which, 259 00:13:22,880 --> 00:13:26,600 Speaker 1: as you saw the trailer just dropped UM and John Cena, 260 00:13:26,760 --> 00:13:30,720 Speaker 1: John Cena, John Legazamo, Keegan Michael Key. Uh. Just a 261 00:13:30,800 --> 00:13:35,480 Speaker 1: really a great family comedy directed by Andy Fickman, who 262 00:13:35,480 --> 00:13:39,319 Speaker 1: did Parental Guidance for us about nine or ten years ago, 263 00:13:39,360 --> 00:13:42,400 Speaker 1: which was a huge success. So we're very excited about this. 264 00:13:42,480 --> 00:13:47,600 Speaker 1: It's it's um very sweet family comedy movie. And when 265 00:13:47,640 --> 00:13:52,360 Speaker 1: you I'm curious about do stars matter in family friendly movies? 266 00:13:52,440 --> 00:13:55,480 Speaker 1: You get a John Cena is there? It seems to 267 00:13:55,520 --> 00:13:58,719 Speaker 1: me that's more a genre where at the end of 268 00:13:58,760 --> 00:14:02,640 Speaker 1: the day, it's about story or it's about brand. Uh. Yes, star. 269 00:14:02,800 --> 00:14:04,960 Speaker 1: I think stars still matter, and I think they matter 270 00:14:05,040 --> 00:14:08,360 Speaker 1: a great deal. I mean, we Wonder was wildly successful 271 00:14:08,960 --> 00:14:11,880 Speaker 1: having Julia Robertson and Owen Wilson didn't hurt, you know 272 00:14:12,640 --> 00:14:15,920 Speaker 1: it definitely. It gave it um, It gave it the uh, 273 00:14:16,280 --> 00:14:19,200 Speaker 1: you know, the gravitas, and and so adults would say, well, 274 00:14:19,200 --> 00:14:21,200 Speaker 1: maybe I should see this movie. Man. So I think 275 00:14:21,240 --> 00:14:23,960 Speaker 1: stars still matter, and I think star power it's what this, 276 00:14:24,080 --> 00:14:25,560 Speaker 1: you know, the whole town was built on. And I 277 00:14:25,600 --> 00:14:27,680 Speaker 1: think it still does. You still have your outliers, these 278 00:14:27,720 --> 00:14:31,680 Speaker 1: films that will do extraordinarily well with you know, without 279 00:14:31,680 --> 00:14:34,560 Speaker 1: big name talent. But for the most part, it's more bankable, 280 00:14:34,640 --> 00:14:37,960 Speaker 1: it's more you know, it's less risking. Is is there 281 00:14:38,080 --> 00:14:41,040 Speaker 1: still the same ability for the kind of movie that 282 00:14:41,080 --> 00:14:44,440 Speaker 1: you do to be sort of the biggest of hits? 283 00:14:44,600 --> 00:14:47,600 Speaker 1: Is that still something that or or in this day 284 00:14:47,600 --> 00:14:49,480 Speaker 1: and age, it's like, you know, it's it's only the 285 00:14:49,520 --> 00:14:52,080 Speaker 1: superhero movies or the fantasy movies that get the top. 286 00:14:53,440 --> 00:14:55,360 Speaker 1: Let me tell you for somebody that has I'm in 287 00:14:55,400 --> 00:14:58,440 Speaker 1: a very unique position because we have made films with 288 00:14:58,560 --> 00:15:01,600 Speaker 1: every studio in Holly it and so I've seen the 289 00:15:01,640 --> 00:15:05,160 Speaker 1: accounting from every studio in Hollywood, and we have made 290 00:15:05,280 --> 00:15:07,840 Speaker 1: huge films like Narnia, where the budgets are two hundred 291 00:15:07,840 --> 00:15:10,640 Speaker 1: million plus, right, and we've made films for eighteen and 292 00:15:10,680 --> 00:15:15,520 Speaker 1: twenty million. Your profit margin, what what people in in 293 00:15:15,520 --> 00:15:18,320 Speaker 1: in look in the in you know, in the general public, 294 00:15:18,360 --> 00:15:22,000 Speaker 1: and what people reading the papers and online about success 295 00:15:22,040 --> 00:15:24,360 Speaker 1: of the film and box office has nothing to do 296 00:15:24,400 --> 00:15:26,760 Speaker 1: with the bottom line, because you can make a twenty 297 00:15:26,840 --> 00:15:29,720 Speaker 1: five million dollar film and make a much bigger profit 298 00:15:29,760 --> 00:15:32,760 Speaker 1: than a huge ten pole. Uh. These ten poles, I 299 00:15:32,760 --> 00:15:36,280 Speaker 1: mean are so enormous, the budgets so bloated, as well 300 00:15:36,320 --> 00:15:38,160 Speaker 1: as the p and A that you have to put 301 00:15:38,200 --> 00:15:40,720 Speaker 1: behind the worldwide to get them off the ground, and 302 00:15:40,840 --> 00:15:42,360 Speaker 1: the back ends that you have to give away to 303 00:15:42,360 --> 00:15:44,520 Speaker 1: all the talent, even if you do a pool deal. 304 00:15:45,160 --> 00:15:48,520 Speaker 1: The reality is that they're very risky. And that's why 305 00:15:48,520 --> 00:15:50,760 Speaker 1: it's not just the you know, the Disneys of the 306 00:15:50,760 --> 00:15:52,480 Speaker 1: world doing it. It's it's a great risk and they 307 00:15:52,520 --> 00:15:55,000 Speaker 1: can afford to take that risk. And they're actually you know, 308 00:15:55,600 --> 00:15:57,560 Speaker 1: they're batting a thousand, they're doing a great job, you 309 00:15:57,600 --> 00:16:00,440 Speaker 1: know what I mean, they're just um, well, it sounds 310 00:16:00,440 --> 00:16:03,360 Speaker 1: like you're describing a bifurcation of the business where you've 311 00:16:03,400 --> 00:16:07,080 Speaker 1: got this giant, massive budget blockbuster stuff that Disney is 312 00:16:07,160 --> 00:16:10,000 Speaker 1: doing and then there's kind of everything else. And what 313 00:16:10,040 --> 00:16:13,240 Speaker 1: I wonder about that everything else is do you foresee 314 00:16:13,240 --> 00:16:16,960 Speaker 1: a time where it's possible that the movies that you've 315 00:16:17,000 --> 00:16:20,480 Speaker 1: made for these sixteen years, they're not even going to 316 00:16:20,520 --> 00:16:23,640 Speaker 1: be in theaters anymore. Streamers and TV networks are going 317 00:16:23,680 --> 00:16:27,280 Speaker 1: to buy all that up, and your traditionally cinema focus 318 00:16:27,400 --> 00:16:30,200 Speaker 1: business will not be so cinema. Well, I hope that's 319 00:16:30,200 --> 00:16:33,760 Speaker 1: not the case. But should it be the case, I 320 00:16:33,760 --> 00:16:35,840 Speaker 1: can tell you, and I'm still running Walden, we can. 321 00:16:36,000 --> 00:16:40,440 Speaker 1: We can. We're very um quick to to change how 322 00:16:40,520 --> 00:16:42,920 Speaker 1: we the business is changing and change with it and 323 00:16:42,960 --> 00:16:45,600 Speaker 1: make sure that we're still relevant. So if that's the change, 324 00:16:45,640 --> 00:16:47,520 Speaker 1: then that's where we're going. And we already have our 325 00:16:47,520 --> 00:16:50,160 Speaker 1: foot in the door with the streamers, and so that 326 00:16:50,240 --> 00:16:52,880 Speaker 1: will be our model. But for the time being, I 327 00:16:52,920 --> 00:16:54,680 Speaker 1: still think that people want to go to the movies 328 00:16:54,960 --> 00:16:59,120 Speaker 1: to see a good, heartwarming, inspirational film, family, comedy, whatever 329 00:16:59,160 --> 00:17:00,880 Speaker 1: it is. I think people still want to go, especially 330 00:17:00,920 --> 00:17:02,960 Speaker 1: with comedies, because I want to tell you something, like 331 00:17:02,960 --> 00:17:05,800 Speaker 1: a scary movie, a comedy is much more fun when 332 00:17:05,800 --> 00:17:08,720 Speaker 1: you're in a theater with other people laughing, you laugh. 333 00:17:08,840 --> 00:17:12,119 Speaker 1: It's infectious. Laughing is infectious, and seeing a horror movie 334 00:17:12,240 --> 00:17:14,359 Speaker 1: is more fun in a theater where other people are 335 00:17:14,400 --> 00:17:17,159 Speaker 1: screaming and jumping out of their seats. So the shared 336 00:17:17,200 --> 00:17:20,280 Speaker 1: experience will always be there in both those films. Horror 337 00:17:20,280 --> 00:17:23,000 Speaker 1: films which we don't do, but horror films and comedies 338 00:17:23,000 --> 00:17:27,439 Speaker 1: and family stuff. That's the price range that's always going 339 00:17:27,480 --> 00:17:29,840 Speaker 1: to be, you know, lesser. So I think there'll always 340 00:17:29,880 --> 00:17:33,080 Speaker 1: be a you know, a theater that's gonna show that 341 00:17:33,160 --> 00:17:35,320 Speaker 1: people that are gonna want to see it. It's it's 342 00:17:35,400 --> 00:17:38,879 Speaker 1: nice to hear from a true believer. You know. I 343 00:17:38,920 --> 00:17:41,320 Speaker 1: love film. I love going to the movies. I love 344 00:17:41,560 --> 00:17:43,680 Speaker 1: the lights going off and you're sitting in the theaters 345 00:17:43,720 --> 00:17:46,840 Speaker 1: and excitement. There's other people, you know, rustling around getting 346 00:17:46,880 --> 00:17:49,320 Speaker 1: to their seats. If there's this excitement. I watch a 347 00:17:49,359 --> 00:17:52,359 Speaker 1: lot at home. Um, but you know, I prefer to 348 00:17:52,359 --> 00:17:54,639 Speaker 1: see it in the theaters. And even if it means 349 00:17:54,760 --> 00:17:56,840 Speaker 1: going to the Academy to see it there, it doesn't matter. 350 00:17:56,880 --> 00:17:59,720 Speaker 1: I just want to see it in the theater. I'm 351 00:17:59,720 --> 00:18:04,840 Speaker 1: also so curious about what it's like hunting for kid friendly, 352 00:18:04,920 --> 00:18:09,040 Speaker 1: family friendly intellectual property. Where do you go to find 353 00:18:09,560 --> 00:18:12,960 Speaker 1: the properties? That Okay, this is something that you know, 354 00:18:13,200 --> 00:18:15,040 Speaker 1: let's say it's a book series and we could just 355 00:18:15,160 --> 00:18:17,080 Speaker 1: make it into a movie and it's gonna take the 356 00:18:17,080 --> 00:18:19,440 Speaker 1: whole franchise to the next level. How do you stay 357 00:18:19,480 --> 00:18:21,960 Speaker 1: ahead of that? It's tough. We're small company. We're not 358 00:18:22,000 --> 00:18:25,360 Speaker 1: a studio with several thousand employees in a huge development department. 359 00:18:25,520 --> 00:18:29,000 Speaker 1: So we outsource some of it. We have book scouts 360 00:18:29,040 --> 00:18:31,000 Speaker 1: that are amazing that will say to us this book 361 00:18:31,040 --> 00:18:34,320 Speaker 1: is up and coming. Um. You know, I can already 362 00:18:34,320 --> 00:18:36,080 Speaker 1: tell you that the studio wants it in that studio 363 00:18:36,080 --> 00:18:38,359 Speaker 1: wants it, and I say, oh, that's interesting. So we 364 00:18:38,359 --> 00:18:41,679 Speaker 1: we we follow things that way. Um, it's uh this 365 00:18:42,000 --> 00:18:46,560 Speaker 1: you know, people producers and writers pitching us projects. Uh, 366 00:18:46,640 --> 00:18:49,520 Speaker 1: you know, looking for things that worked in the past 367 00:18:49,600 --> 00:18:52,800 Speaker 1: that maybe we'd want to reboot. Um. There. It comes 368 00:18:52,800 --> 00:18:55,960 Speaker 1: to us from all different sources. You know. We get 369 00:18:56,000 --> 00:18:59,040 Speaker 1: pitched a lot from the agencies, and the studios themselves 370 00:18:59,200 --> 00:19:01,880 Speaker 1: will come to us. Knowing Walden, knowing our brand, knowing 371 00:19:01,880 --> 00:19:04,479 Speaker 1: that we're well capitalized. The studio has come to us 372 00:19:04,520 --> 00:19:08,720 Speaker 1: sometimes with projects. You've been at Walden sixteen years and 373 00:19:08,720 --> 00:19:13,920 Speaker 1: I'm curious across that time has what is the best content, 374 00:19:14,000 --> 00:19:18,160 Speaker 1: what resonates most with kids? Has that changed a great 375 00:19:18,200 --> 00:19:20,880 Speaker 1: deal in all this time, or the kids today like 376 00:19:21,119 --> 00:19:25,120 Speaker 1: a different breed entirely that respond to totally different themes. Wow, 377 00:19:25,160 --> 00:19:28,000 Speaker 1: that's a good question, U. I I gotta believe it's 378 00:19:28,000 --> 00:19:31,320 Speaker 1: a little bit of both. I mean, I think a 379 00:19:31,359 --> 00:19:34,440 Speaker 1: good story is a good story and that transcends any generation. 380 00:19:34,640 --> 00:19:39,440 Speaker 1: Kids want a good story, um. But on the other hand, 381 00:19:39,520 --> 00:19:42,560 Speaker 1: kids are are viewing their content in a very different 382 00:19:42,560 --> 00:19:45,240 Speaker 1: way and wanting, you know, if they go to the movies, 383 00:19:45,840 --> 00:19:47,960 Speaker 1: let's not kill ourselves. You know, kids want to see 384 00:19:48,000 --> 00:19:51,040 Speaker 1: these big blockbusters. That's what they're expecting to see, and 385 00:19:51,040 --> 00:19:52,920 Speaker 1: if they don't see that, that might be a little 386 00:19:52,920 --> 00:19:54,919 Speaker 1: disappointing to them. So they have to go into it 387 00:19:55,000 --> 00:19:58,480 Speaker 1: knowing they're seeing something that's not you know, huge, That 388 00:19:58,560 --> 00:20:00,639 Speaker 1: might just be a comedy, that might just be, you know, 389 00:20:00,720 --> 00:20:03,560 Speaker 1: a sweet movie with a good inspirational story. But I 390 00:20:04,160 --> 00:20:06,880 Speaker 1: think kids expect more today because of all these ten 391 00:20:06,960 --> 00:20:09,280 Speaker 1: Phole films. Agreed, But I think a good story is 392 00:20:09,320 --> 00:20:11,280 Speaker 1: still a good story, and it resonates in word of 393 00:20:11,320 --> 00:20:14,600 Speaker 1: mouth is still word of mouth. So you've been Ceo 394 00:20:14,760 --> 00:20:17,720 Speaker 1: and Walden. Now for six years, and I'm curious about 395 00:20:18,720 --> 00:20:23,480 Speaker 1: Wendy was the time that proceeded You're taking the top job. 396 00:20:24,000 --> 00:20:26,760 Speaker 1: It must have been a very different company. I mean, 397 00:20:27,160 --> 00:20:30,080 Speaker 1: what was the experience like of saying, Okay, I understand 398 00:20:30,080 --> 00:20:31,760 Speaker 1: what Walden has been in all this time that I've 399 00:20:31,760 --> 00:20:33,679 Speaker 1: been here, but now it's time to go to the 400 00:20:33,720 --> 00:20:40,199 Speaker 1: next level. Well, that's that's an interesting question. So, you know, 401 00:20:40,280 --> 00:20:43,000 Speaker 1: going back, I left UM, I was a business affairs 402 00:20:43,080 --> 00:20:45,520 Speaker 1: a lawyer. I worked at Newline Cinema. I came over 403 00:20:45,560 --> 00:20:48,960 Speaker 1: to help start business affairs at Walden and helped build 404 00:20:48,960 --> 00:20:51,359 Speaker 1: that company out. When I started at Walden, you know, 405 00:20:51,520 --> 00:20:53,280 Speaker 1: it was a handful of people, and one day I 406 00:20:53,320 --> 00:20:55,560 Speaker 1: got off the elevator and there were ninety people on 407 00:20:55,600 --> 00:20:57,439 Speaker 1: a floor and a half in Century City, And I 408 00:20:57,480 --> 00:21:00,560 Speaker 1: said to my assistant, who are all these people? And 409 00:21:00,640 --> 00:21:02,160 Speaker 1: what is it they do? Where did they come from? 410 00:21:02,160 --> 00:21:04,480 Speaker 1: How did this happen? Because we were so busy building 411 00:21:04,520 --> 00:21:06,399 Speaker 1: the company and getting Narnia off the ground that we 412 00:21:06,880 --> 00:21:08,960 Speaker 1: had my head in my office and dealing with the 413 00:21:09,000 --> 00:21:11,639 Speaker 1: same five people that were the principles. So it was 414 00:21:11,920 --> 00:21:15,000 Speaker 1: it was interesting for me personally. It was a great 415 00:21:15,080 --> 00:21:18,280 Speaker 1: growth because as a lawyer. I always thought, oh, I 416 00:21:18,280 --> 00:21:20,320 Speaker 1: have a great creative idea, but I wouldn't dare get 417 00:21:20,359 --> 00:21:23,879 Speaker 1: my creative idea, the idea to to to to the 418 00:21:23,880 --> 00:21:26,160 Speaker 1: head of creative because they would think you're just a lawyer. 419 00:21:26,200 --> 00:21:29,120 Speaker 1: I don't want to hear what you have to say. Um, 420 00:21:29,160 --> 00:21:32,040 Speaker 1: watching a company change and growth, sometimes for the better 421 00:21:32,080 --> 00:21:34,360 Speaker 1: and sometimes for the worst. When you're in a position 422 00:21:34,359 --> 00:21:38,639 Speaker 1: that you're not directly responsible for making those decisions. You know, 423 00:21:38,760 --> 00:21:41,280 Speaker 1: as the head of business affairs, it wasn't directly responsible 424 00:21:41,359 --> 00:21:45,760 Speaker 1: for you know, this film or or that first look 425 00:21:45,760 --> 00:21:48,199 Speaker 1: deal or whatever. You can critique it and take a 426 00:21:48,200 --> 00:21:52,320 Speaker 1: step backward and saying that's working, this isn't working, And 427 00:21:52,640 --> 00:21:55,760 Speaker 1: you don't really have to, you know, take the blame 428 00:21:56,359 --> 00:21:59,080 Speaker 1: for something because you didn't create it. But you're in 429 00:21:59,119 --> 00:22:01,639 Speaker 1: a very good position and your your I was open 430 00:22:01,680 --> 00:22:03,920 Speaker 1: to you know, in every meeting, I saw what decisions 431 00:22:03,920 --> 00:22:07,000 Speaker 1: were being made, and I realized the way we're running 432 00:22:07,000 --> 00:22:10,480 Speaker 1: this company isn't working. The industry is changing rapidly around us, 433 00:22:10,680 --> 00:22:14,160 Speaker 1: and we're just still continuing to develop internally and try 434 00:22:14,240 --> 00:22:17,000 Speaker 1: to set our projects up, which left us with an 435 00:22:17,160 --> 00:22:19,520 Speaker 1: enormous amount of projects that never found a home and 436 00:22:19,560 --> 00:22:21,600 Speaker 1: a lot of money spent, and I thought, there's a 437 00:22:21,640 --> 00:22:24,200 Speaker 1: smarter way to do this. Other other people are just 438 00:22:24,520 --> 00:22:28,280 Speaker 1: you know, developing quickly and flipping projects or um or 439 00:22:28,400 --> 00:22:31,119 Speaker 1: jumping onto other people's projects. And I thought, this is 440 00:22:31,160 --> 00:22:33,080 Speaker 1: the mistake we're making and we need to change it. 441 00:22:33,280 --> 00:22:35,800 Speaker 1: So when given the opportunity to run the company and 442 00:22:35,840 --> 00:22:39,160 Speaker 1: revamp things, um I changed a lot. I cut out 443 00:22:39,200 --> 00:22:41,640 Speaker 1: a lot of stuff that we were that we were 444 00:22:41,640 --> 00:22:43,919 Speaker 1: doing that I thought was wasteful. I put on my 445 00:22:43,960 --> 00:22:46,199 Speaker 1: business hat, but then I also got to put on 446 00:22:46,240 --> 00:22:49,000 Speaker 1: my creative hat, and I got to be involved creatively, 447 00:22:49,119 --> 00:22:52,000 Speaker 1: and I realized I had good instincts and I'm I'm 448 00:22:52,040 --> 00:22:54,600 Speaker 1: a creative person. I stifled that as a lawyer for 449 00:22:54,640 --> 00:22:57,160 Speaker 1: a lot of years because thinking that these creative people 450 00:22:57,240 --> 00:22:59,359 Speaker 1: knew more than me. And then I realized, wait a second, 451 00:22:59,359 --> 00:23:00,920 Speaker 1: there are a lot of studio chiefs in this town 452 00:23:00,960 --> 00:23:04,240 Speaker 1: that started business affairs. There must be a you know, logical, 453 00:23:04,480 --> 00:23:07,600 Speaker 1: you know movement there. And so for me it was 454 00:23:07,760 --> 00:23:09,359 Speaker 1: it was great. So I get to wear both hats, 455 00:23:10,000 --> 00:23:13,480 Speaker 1: and so to this day, you're just as creatively immersed 456 00:23:13,520 --> 00:23:18,840 Speaker 1: as correct. I love. I I read, you know, every draft, 457 00:23:18,920 --> 00:23:21,960 Speaker 1: every script, I have my comments because you know, when 458 00:23:21,960 --> 00:23:24,199 Speaker 1: you're the CEO of the company, creative reports you just 459 00:23:24,240 --> 00:23:27,720 Speaker 1: as much as business and legal or marketing or anything else. 460 00:23:28,320 --> 00:23:31,119 Speaker 1: You know, so you're ultimately responsible. And I give everyone 461 00:23:31,160 --> 00:23:34,480 Speaker 1: my two cents um on. You know, if we're structuring 462 00:23:34,480 --> 00:23:36,880 Speaker 1: a deal, I I put on my lawyer hat. If 463 00:23:36,960 --> 00:23:40,959 Speaker 1: if it's a marketing question, I you know, I say, okay, 464 00:23:41,000 --> 00:23:42,760 Speaker 1: what makes the most sense. You know, I've never run 465 00:23:42,760 --> 00:23:45,040 Speaker 1: a marketing division, but what makes the most sense here? 466 00:23:45,080 --> 00:23:47,000 Speaker 1: I take, you know, the people that work for me, 467 00:23:47,040 --> 00:23:49,040 Speaker 1: I have to trust them, but I go with my 468 00:23:49,080 --> 00:23:52,440 Speaker 1: own instinct as well. And how big is Walden today? 469 00:23:52,880 --> 00:23:55,720 Speaker 1: Walden is small. I mean we started out as sixteen people. 470 00:23:55,760 --> 00:23:57,560 Speaker 1: We were at ninety people at the highest, and now 471 00:23:57,560 --> 00:24:00,240 Speaker 1: we're down to about twenty six people. When I took 472 00:24:00,240 --> 00:24:02,200 Speaker 1: over the company, I realized we didn't There were a 473 00:24:02,240 --> 00:24:05,359 Speaker 1: lot of departments that I just thought were not really 474 00:24:05,400 --> 00:24:08,320 Speaker 1: that necessary. We had a huge marketing department at one point, 475 00:24:08,680 --> 00:24:11,640 Speaker 1: and I thought, why the studios are doing the marketing. Yes, 476 00:24:11,680 --> 00:24:13,399 Speaker 1: we put up p n A money. Yes we have 477 00:24:14,160 --> 00:24:17,359 Speaker 1: consultation and decisions along with you know, key things like 478 00:24:18,240 --> 00:24:21,320 Speaker 1: trailer and and US release and things but I don't 479 00:24:21,359 --> 00:24:24,320 Speaker 1: need all these people. They're not creating this stuff, and 480 00:24:24,240 --> 00:24:26,359 Speaker 1: you know, I don't need somebody to just translate. I 481 00:24:26,359 --> 00:24:29,679 Speaker 1: went to a meeting over at uh Sony and and 482 00:24:29,680 --> 00:24:31,480 Speaker 1: and this is what they're gonna do. I could have 483 00:24:31,520 --> 00:24:33,840 Speaker 1: one or two people for that. So I downsized that 484 00:24:34,440 --> 00:24:37,040 Speaker 1: UM and other departments too. I just felt there was 485 00:24:37,119 --> 00:24:41,480 Speaker 1: just too much fat. And so today, as you deal 486 00:24:41,520 --> 00:24:45,120 Speaker 1: with the studios, I'm curious what it's like in nineteen, 487 00:24:45,240 --> 00:24:49,440 Speaker 1: in this world of incredible change and consolidation. Are they 488 00:24:49,640 --> 00:24:54,000 Speaker 1: more or less open to a Walden coming in and 489 00:24:54,040 --> 00:24:57,439 Speaker 1: collaborating and of course taking your money. But you know, 490 00:24:58,280 --> 00:25:00,960 Speaker 1: is it more or less easy to do these kinds 491 00:25:01,000 --> 00:25:03,240 Speaker 1: of things, and say, five ten years ago, I think 492 00:25:03,240 --> 00:25:05,719 Speaker 1: it is much easier. I think studios are looking, you know, 493 00:25:05,800 --> 00:25:09,120 Speaker 1: they're they're they're they're looking to hedge their bets UM. 494 00:25:09,160 --> 00:25:11,800 Speaker 1: They're looking for partners. And I don't know how other 495 00:25:11,840 --> 00:25:13,600 Speaker 1: partners are received, but I can tell you that the 496 00:25:13,600 --> 00:25:16,880 Speaker 1: studios called me. Studio chiefs called me and say, hey, Frank, 497 00:25:17,000 --> 00:25:19,840 Speaker 1: we got a project. We think it's Walden friendly. We'd 498 00:25:19,840 --> 00:25:21,760 Speaker 1: love for Walden to come in on it. We're looking 499 00:25:21,760 --> 00:25:26,560 Speaker 1: for a partner um, you know, in one of the 500 00:25:26,560 --> 00:25:28,720 Speaker 1: studio chiefs said, we love Walden. Their money is real 501 00:25:28,880 --> 00:25:32,040 Speaker 1: and they're great people to work with. And your brand 502 00:25:32,119 --> 00:25:35,600 Speaker 1: on our films, it's not a moving logo that you 503 00:25:35,640 --> 00:25:38,040 Speaker 1: know doesn't fit our brand and that people are going 504 00:25:38,080 --> 00:25:39,760 Speaker 1: to scratch their heads and say who is this? What 505 00:25:39,840 --> 00:25:44,440 Speaker 1: company is that? You know? We are where film financiers 506 00:25:44,440 --> 00:25:47,280 Speaker 1: were producers, you know, and we have a brand that 507 00:25:47,359 --> 00:25:50,560 Speaker 1: we are very protective of. So I think all of 508 00:25:50,560 --> 00:25:52,960 Speaker 1: those put together make us a really good partner for 509 00:25:52,960 --> 00:25:58,240 Speaker 1: the studios. And I'm curious in terms of you get 510 00:25:58,240 --> 00:26:01,560 Speaker 1: a first look deal at some point, does that at 511 00:26:01,600 --> 00:26:05,600 Speaker 1: all tie you down from cooperating with other studios? Is 512 00:26:05,640 --> 00:26:08,359 Speaker 1: that limit you know? Our deal? Our deals have always 513 00:26:08,400 --> 00:26:10,879 Speaker 1: been prelaxed. We're not taking money from the studios, so 514 00:26:10,960 --> 00:26:13,280 Speaker 1: therefore they can't really dictate too many terms. It really 515 00:26:13,320 --> 00:26:16,880 Speaker 1: just gives us a home studio. So our deal, our 516 00:26:16,880 --> 00:26:19,880 Speaker 1: deals have always worked that we are free to We're 517 00:26:19,920 --> 00:26:23,280 Speaker 1: not precluded from investing or co financing and producing into 518 00:26:23,359 --> 00:26:25,879 Speaker 1: other studio films if we didn't control the rights. The 519 00:26:25,920 --> 00:26:28,399 Speaker 1: only thing our deal really mandates is that if we 520 00:26:28,440 --> 00:26:31,320 Speaker 1: control the underlying rights and developed it internally that we 521 00:26:31,359 --> 00:26:33,959 Speaker 1: give the home studio a first chance to look at it. 522 00:26:34,000 --> 00:26:37,280 Speaker 1: And in lieu of that, we get certain benefits that 523 00:26:37,320 --> 00:26:39,719 Speaker 1: I don't have. We're not an mp A member, so 524 00:26:39,800 --> 00:26:43,160 Speaker 1: I can't clear titles. Um, I don't have an automatic 525 00:26:43,200 --> 00:26:44,960 Speaker 1: put with the studio. So there are certain things that 526 00:26:44,960 --> 00:26:48,199 Speaker 1: I'm going to get in return that are worthwhile for me. 527 00:26:48,280 --> 00:26:50,840 Speaker 1: And I think it gives I still think in this 528 00:26:50,920 --> 00:26:53,159 Speaker 1: day and age, it gives some cloud to say. For 529 00:26:53,480 --> 00:26:55,240 Speaker 1: ten years we were able to say we have a 530 00:26:55,240 --> 00:26:57,679 Speaker 1: first look deal with Foughts. And by the way, it 531 00:26:57,760 --> 00:26:59,960 Speaker 1: also worked both ways. We would be the first part. 532 00:27:00,080 --> 00:27:02,720 Speaker 1: Someon Fox would call whether they had a slate deal 533 00:27:02,800 --> 00:27:05,800 Speaker 1: or in between a slate deal, they would call us 534 00:27:05,800 --> 00:27:07,560 Speaker 1: and say, hey, what do you think of this? In fact, 535 00:27:08,640 --> 00:27:11,359 Speaker 1: we get pitched things that are so not Walden. Because 536 00:27:11,480 --> 00:27:13,920 Speaker 1: I'm open to it. I always say to the studios, 537 00:27:14,080 --> 00:27:16,480 Speaker 1: bring me anything. I'll tell you what fits our brand. 538 00:27:16,800 --> 00:27:20,240 Speaker 1: I'm not expecting you to guess that. Bring us the projects. 539 00:27:20,359 --> 00:27:23,520 Speaker 1: Love to read it and and and tell you if 540 00:27:23,520 --> 00:27:25,040 Speaker 1: it works for us. And here's the other thing. We 541 00:27:25,040 --> 00:27:27,960 Speaker 1: don't look to change the DNA of our project because look, 542 00:27:28,520 --> 00:27:31,240 Speaker 1: the content that I like to watch, you know, might 543 00:27:31,240 --> 00:27:34,920 Speaker 1: be edgier personally, but we're not making that. And so 544 00:27:35,280 --> 00:27:38,879 Speaker 1: I also know that quality is quality and and you 545 00:27:38,880 --> 00:27:40,480 Speaker 1: don't want to mess with the art form of it. 546 00:27:40,560 --> 00:27:43,000 Speaker 1: So if somebody gives us a script and it's really good, 547 00:27:43,000 --> 00:27:44,880 Speaker 1: but it's not Walden, but it could be Walden if 548 00:27:44,880 --> 00:27:46,919 Speaker 1: something were changed, I don't ask them to change it. 549 00:27:46,960 --> 00:27:50,160 Speaker 1: I just say, you know, we love this, this is great, 550 00:27:50,240 --> 00:27:51,760 Speaker 1: this is gonna do well. I'm not sure it fits 551 00:27:51,760 --> 00:27:54,320 Speaker 1: the brand, you know, for this reason or that reason, 552 00:27:54,359 --> 00:27:56,520 Speaker 1: but I would never ask them of you to, you know, 553 00:27:57,080 --> 00:27:59,960 Speaker 1: to take the DNA out of something that they're showing. 554 00:28:00,440 --> 00:28:03,120 Speaker 1: And I'm curious though about the d N a of Walden. 555 00:28:03,320 --> 00:28:06,040 Speaker 1: Is there ever a time where you guys need to 556 00:28:06,720 --> 00:28:10,240 Speaker 1: redefined or expand your brand? You were talking earlier about 557 00:28:10,520 --> 00:28:13,000 Speaker 1: horror movies are big, but we can't know. We won't know, 558 00:28:13,520 --> 00:28:16,000 Speaker 1: But maybe the movie business gets to a place where 559 00:28:16,040 --> 00:28:18,560 Speaker 1: if you want to keep making money, you better start 560 00:28:18,560 --> 00:28:21,320 Speaker 1: making some horror movies. Well, we have a mandate first 561 00:28:21,359 --> 00:28:25,639 Speaker 1: to make films that are inspirational that that you know, horror. 562 00:28:26,480 --> 00:28:28,520 Speaker 1: It could be by the way there are it could be. 563 00:28:28,840 --> 00:28:30,640 Speaker 1: It depends on the horror movie I just don't see 564 00:28:30,640 --> 00:28:32,439 Speaker 1: it as our brand, but we knew what I mean. 565 00:28:32,480 --> 00:28:35,320 Speaker 1: We have changed. We did Everest a couple of years ago, 566 00:28:35,400 --> 00:28:38,160 Speaker 1: which we did PG thirteen. We have moved into the 567 00:28:38,200 --> 00:28:42,040 Speaker 1: soft PG thirteen world um because we want to do 568 00:28:42,080 --> 00:28:44,800 Speaker 1: more adult draumas. We are developing right now a cold 569 00:28:44,800 --> 00:28:48,680 Speaker 1: war spy thriller based on a best selling book called 570 00:28:48,680 --> 00:28:52,080 Speaker 1: Billion Dollar Spy, and that is something we're very proud of, 571 00:28:52,360 --> 00:28:55,440 Speaker 1: and that would fall into the soft PG thirteen PG 572 00:28:55,560 --> 00:28:58,760 Speaker 1: thirteen because it's an adult drama, not because there's extreme 573 00:28:58,840 --> 00:29:02,160 Speaker 1: violence or laying it or sex. It's just that it's 574 00:29:02,160 --> 00:29:04,200 Speaker 1: not going to really appeal to young kid. It's kind 575 00:29:04,200 --> 00:29:07,080 Speaker 1: of tinker tailor soldier spy meets Arto, and that may 576 00:29:07,080 --> 00:29:09,800 Speaker 1: not appeal to young kids, but we are delving into 577 00:29:09,880 --> 00:29:14,560 Speaker 1: into that space. Interesting sign of change. You gotta change 578 00:29:14,680 --> 00:29:16,760 Speaker 1: with the times. I'm looking forward to seeing how you're 579 00:29:16,760 --> 00:29:18,640 Speaker 1: going to continue to do that in the coming year. 580 00:29:18,800 --> 00:29:20,520 Speaker 1: Thanks for coming in and time. Thank you so much 581 00:29:20,520 --> 00:29:24,800 Speaker 1: for having me. I enjoyed it. Thank you. This has 582 00:29:24,840 --> 00:29:28,160 Speaker 1: been another episode of Strictly Business. Tune in next week 583 00:29:28,200 --> 00:29:32,440 Speaker 1: for another helping A scintillating conversation with media movers and shakers, 584 00:29:32,600 --> 00:29:35,400 Speaker 1: and please make sure you subscribe to the podcast to 585 00:29:35,520 --> 00:29:39,360 Speaker 1: hear future episodes. Also leave a review in Apple Podcast 586 00:29:39,520 --> 00:29:40,560 Speaker 1: let us know how we're doing