Netflix Cancels Nancy Meyers’ New Film Over Mega-budget

Justice Ekaeze Published: March 18, 2023 Last updated: March 18, 2023 Disclosure
Netflix Cancels Nancy Meyers
  • Netflix cancels Nancy Meyers' new romantic comedy Paris Paramount over budget clashes.
  • The movie's cast includes Scarlett Johansson, Owen Wilson, Penelope Cruz, and Michael Fassbender.
  • Other streaming services, such as Amazon Prime Video or Apple TV+, may pick up Paris Paramount.

Netflix has just canceled Nancy Meyers’ upcoming movie, a star-studded romantic comedy titled Paris Paramount, over an increasing budget concern. Netflix has recently been known for canceling films and shows that do not have the potential to generate high investment returns. 

Nancy Meyer, best known for romantic comedy movies such as What Women Want and The Holiday, recently had her latest movie canceled.

Why did Netflix cancel Nancy Meyers’ new movie? 

Netflix decided to cancel Nancy’s movie due to rising budget concerns that they could no longer afford it. Netflix and Meyers couldn’t agree on a budget for the film. Netflix had agreed to pay $130 million, but the filmmaker’s estimated budget was more than that. 

Meyers had requested at least $150 million in funding, but the streaming media company considered $130 million adequate for a film genre in their mid-budget range. If Meyers had accepted the $130 million offer from Netflix, it would have been the most expensive rom-com ever made.

According to Netflix, $150 million was too much to spend on the new movie because they needed to determine the return on investment.

What you should know about Nancy’s new movie?

Paris Paramount (working title) is about a young writer-director who falls in love with a movie producer. They fell in love while co-producing many successful films but had to split up.

After parting ways professionally and romantically, they later had to work on a large project together. Nancy Meyers’ new film will depict the semi-autobiographical story of exes in Hollywood.

This movie is a semi-autobiography project for Nancy because it is similar to her life story.  She had a professional and romantic relationship with writer-producer Charles Shyer while working on movies.

They both worked on award-winning romantic comedies such as Father of the Bride, Baby Boom, and Private Benjamin. They had two children and were married for nearly twenty years before they divorced.

Scarlett Johansson, Owen Wilson, Penelope Cruz, and Michael Fassbender star in the romantic comedy. Nancy Meyer is known for working with big celebrities on all her projects and producing high-quality films.

The film’s working title is Paris Paramount, though this may not be the final name. Netflix first announced Nancy Meyers’ new film about a year ago, but the list of several other cast members just recently dropped. But what is the next step for Nancy Meyers’ latest film now that Netflix is no longer funding it?

Due to growing financial concerns, Netflix would have to axe some films, including Paris Paramount.  Nancy Meyers’ film will have to seek sponsorship from other streaming apps rather than Netflix.

Since Netflix is no longer a part of the film, platforms such as Prime Video and Apple TV+ could decide to sponsor it.

The crew may only be able to determine movies that will immediately impact an audience after a while. However, this is not an excuse to place high bids on any project. Aside from this new movie, Netflix canceled two others at the beginning of the year.

Netflix cancels movies primarily on projects where they do not see a high return on investment. The company has suffered a few setbacks due to movies they thought were great but turned out to be terrible or not accepted by the public.

They discovered that investing large sums of money in specific projects was not worthwhile. This has caused Netflix to be extremely cautious and prudent when spending and investing in untested projects.

This is an essential lesson for filmmakers to remember regarding filmmaking and production costs. The film in question may be profitable, and the offer may appear enticing, but you should accept it if it is within your price range.

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About the Author

Naturally addicted to Netflix and streaming in general, Justice Ekaeze is a freelance content writer who has worked for specialized content agencies such as Copypress and Skypublishers. Over the years, Justice has gained extensive content writing experience that helps readers.

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