Hollywood and TV Networks Cash In on Financial Crisis

These days news is far more dramatic than fiction.

After all the terrible revelations in the Madoff case and today's sentencing, Ruth Madoff's statement, saying she feels "betrayed and confused," was just the kind of line screenwriters dream of penning. Hollywood loves a good story, and Ponzi schemers like Madoff are providing plenty of fodder for plot twists and terrifying villains. Both documentaries and fiction based on the truth are designed to tap into the cultural zeitgeist, with a kind of relevance that aims to sell tickets and boost ratings.

Bottom line: Hollywood doesn't want to miss a great opportunity to cash in on some unbelievable stories. Making financial king pins the bad guys could be great for business. Over two decades after Oliver Stone's Wall Street hit theaters, 20th Century Fox (NWS) is fast-tracking a sequel to the film, also directed by Stone, hoping to get it out before the public's attention shifts. In this summer's remake of The Taking of Pelham 1 2 3, the villain has been updated: John Travolta's character is wreaking havoc in order to benefit his investment in commodities.

And then there are the movies that are sticking close to reality. Michael Moore is finishing a documentary on the economic crisis. Though it's still untitled, trailers are already running and it's due in theaters in October. And one independent filmmaker sees dollar signs in the Madoff story, his $5 million budget Madoff: Made Off with America is in production now. Executive producer Edmund Druilhet is casting several Madoff victims as themselves. He doesn't have a distributor for the film yet, but he tells CNBC he's sure Americans will want to watch his dramatization of how the criminal pulled it all off.

The TV business has the advantage of much shorter turnaround time, so series like NBC's (GE) "Law & Order" and CBS's "Flashpoint" have already woven in stories about financial scandals. (I can see how a one-hour drama about kidnapping the head of a Ponzi scheme or an evil CEO would juice ratings in this environment.) Shows like ABC's (DIS) "Desperate Housewives" can't skirt the issue of the economic downturn, some of the main characters taking on second jobs. But it's really the dramas which tackle the juicy financial scandals.

And then there are the TV shows that counter-program the bad news about people losing money with tales of generous folks giving money away. The "CW" (TWX) and CBS are launching a new reality series "Blonde Charity Mafia" about wealthy young philanthropists. NBC just debuted a scripted show called "The Philanthropist" about a billionaire determined to help people around the world. But even this protagonist can't avoid Madoff's reach. Executive producer Peter Horton tells us that one story line follows the impact of a Madoff-esque Ponzi scheme on the fictional philanthropist's business.

Comments

[jayminho:]

i thought they were cashing in on mj death. well, tv is as dead as the king of pop.. pop.

Jun 30 09:21 AM