December 18, 1992


Pop icon Barbra Streisand announced Thursday that she has signed a film and recording contract with Sony Corp. worth a potential $60 million.

Representatives for Streisand and Sony refused to discuss specifics of the pact—which rivals recent multimedia deals struck by Michael Jackson and Madonna—but most of the details of the contract were reported in The Times on Monday.

Sources said Sony will pay the 50-year-old entertainer about $2 million a year for the next 10 years to Streisand's production company, Barwood Films, to develop projects for Sony.

If Columbia agrees to develop a script, Streisand could be paid about a $3-million advance against adjusted gross percentages for each movie that she directs and $1 million for each picture she produces.

The Grammy- and Oscar-winning star will be paid at least a $6-million advance against 15% of gross revenues for every movie in which she acts—$2 million and 5% more than reported in The Times on Monday.

Under the recording components of the deal, Sony will continue to maintain distribution rights to Streisand’s 37-album catalogue, which has accounted for more than 60 million album sales since 1964.

Streisand will be guaranteed an estimated $5-million advance per album plus a 42%-plus royalty rate on the wholesale price of each unit sold. Streisand’s new contract will cover six albums, including two already owed the company under the singer’s old agreement with the label.