The deal, according to sources, was said to close at a whopping $12.5 million, which will likely make it the biggest out of the festival. The studio has agreed to spend another $20 million on P&A, Variety has learned.
Rock directed and starred in the film about a comedian-movie star which is told over the course of a single day. Scott Rudin and Barry Diller financed the picture, which had a budget of more than $10 million.
“Chris and I go back decades, both personally and professionally, and so I am particularly proud to have watched his career grow to its highest heights over many decades,” Paramount CEO Brad Grey said in a statement.
The deal was negotiated by UTA and Paramount’s Eben Davidson and Rona Cosgrove.