Apple to pay $25 million for “CODA”

Apple to pay $25 million for “CODA”

Apple to break records as it buys a Sundance Film Festival hit

“CODA” the latest breakout hit at 2021 Sundance Film Festival became the town’s talk after three important streaming companies were looking to purchase it.

Netflix, Amazon, and Apple took their chances in a bidding war. After Netflix backed out as it already has many films to launch this year, the winner was Apple. The latter agreed to pay $25 million for “CODA,” breaking the Sundance Film Festival’s previous record of $17.5 million and 69 cents for “Palm Springs.”

Through this deal, Apple bought worldwide right on the project, and rumor has it that is in talks to purchase the pre-sold international territories that financed the production.

“CODA” being part of Apple Studios was a news well-received by the markets, Apple stock price gaining more than 2% in today’s premarket session.

Sources: businessinsider.in, finance.yahoo.com

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