Columbia's 'Ali' climbs off the canvas

IEG to finance $66 mil of biopic for German rights

By CLAUDE BRODESSER, CHARLES LYONS

HOLLYWOOD -- Muhammad Ali is still the greatest, and after a week of negotiations, he's still at Columbia Pictures.

The Michael Mann-helmed biopic about the iconic, and iconoclastic, pugilist was placed in turnaround last week after Mann told Col's toppers he couldn't guarantee his movie would be delivered at the previously agreed cost of $106 million.

But an exhaustive, weeklong series of meetings between Col physical production topper Gary Martin, producer Jon Peters and helmer Mann resulted in a slightly shortened shooting sked, an agreement by the principals (Mann, producer Peters and star Will Smith) to cover a percentage of any overages and a recommitment by new financial partner, IEG, with whom talks had stalled.CAA's Emanuel Nunez and agency topper Richard Lovett intervened to broker the delicate process of off-loading some of Columbia's risk exposure to IEG. Sources said IEG will defray $66 million of the "Ali" budget, and, in return, Germany's Splendid will take the German rights on the picture.

In addition, Mann has elected to cut several days of New York location shooting.

Studio brass declined to comment on the specifics of the agreements, but a spokeswoman did confirm that the pic was back on track: "We are pleased," she said, "that we could work with all involved -- Will Smith, Michael Mann, Jon Peters and our foreign partner, IEG -- to reach an understanding that will allow a great actor and a talented director to team up and tell the story of one of the best known men in the world."

IEG has recently stepped up to several high profile and often high-budget pics, including Miramax Films' upcoming $80 million pic "Gangs of New York" (currently lensing in Italy), USA Films' Michael Douglas starrer "Traffic," and the smaller budget Artisan release "Dr. T and the Women."

IEG's CEO Graham King and chief financial officer Colin Cotter declined to comment.