They ‘Bet the Farm’--and They Won

There are plenty of dumb--and dumber--things film producers can do. According to Hollywood conventional wisdom, risking your own funds to make movies instead of using somebody else’s money would undoubtedly be near the top of a lot of lists.

Defying that logic are Brad Krevoy and Steve Stabler, whose belief in putting their own wallets at risk so they can pull their projects together quickly is paying off big this week with the success of “Dumb and Dumber,” the silly comedy starring Jim Carrey and Jeff Daniels. It’s been the top-grossing film since its opening in mid-December, taking in $66.5 million through last weekend.

The New Line Cinema release might not have even been made had Krevoy and Stabler not “bet the farm,” as they put it, to nab Carrey for the role after the unexpectedly big opening last February for his breakthrough comedy “Ace Ventura: Pet Detective.”

Krevoy and Stabler were so eager to get Carrey that they offered a then-seemingly outlandish $7 million-- a tab eventually picked up by distributor New Line-- to secure him for the part, putting up their entire company as collateral. All that for an actor whose previous asking price for a film was $450,000.

“We wanted to jump-start the decision-making process. The longer it took for Jim and his group to make a decision on what he would do next, the less likely it would be we’d secure his acting services. With the number of projects he would be offered, we could never compete,” Krevoy said.

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It worked, and it paid off as Carrey became a superstar with a remarkable string of three hit comedies in less than 12 months: “Ace Ventura,” “The Mask” and “Dumb and Dumber.” Earlier this week, Krevoy and Stabler offered Carrey a staggering $18 million to star in “Thief of Santa Monica,” about a boy and a genie. Carrey turned it down to work on other projects, but the two remain hopeful that they can eventually work out a deal with Carrey when his schedule opens up.

For Krevoy and Stabler, “Dumb and Dumber” marks their first move into double-digit budgets, after a string of low-cost films that turned profits but didn’t make the top of the box office charts. Their biggest previous commercial success was the TriStar release “Threesome,” which cost less than $4 million to make and is expected to eventually generate about $40 million in revenue worldwide.

Despite moving into the higher-budget bracket, Krevoy and Stabler say they have no plans to abandon the Spartan-like methods they have refined over the years --the kind of techniques that might make for a chapter in a textbook on low-budget movie making.

For starters, the two work most of the time with first-time directors-- such as Peter Farrelly on “Dumb and Dumber”--who are eager to get their efforts on screen.

Other techniques include shooting the most important things--such as the start and end of the film--early on in case trouble develops. They also shoot important scenes early in the day in case bad weather or other problems occur, and they start shooting on Wednesdays so any last-minute equipment problems can be handled the day or two before.

Despite Carrey’s paycheck, “Dumb and Dumber” cost only $17 million. Even if Carrey had accepted their $18-million offer, Krevoy and Stabler say, they could have done “Thief of Santa Monica” for about $30 million, about the industry average.

Officially, the partnership between Krevoy and Stabler started in 1986 when they formed Motion Picture Corp. of America, their Santa Monica-based company. Informally, it started when they were boyhood friends on the Westside and discovered that they both loved movies.

Stabler recalls getting hooked when he took a bus to Hollywood to see the 1960s comedy “It’s a Mad, Mad, Mad, Mad World.” Krevoy was inspired by epics such as “Lawrence of Arabia.” All told, the two say, they have seen hundreds of films together, and even as kids they talked about one day making movies together.

“It was our version of playing in the World Series in Dodger Stadium,” Krevoy said. After a brief stint working as a lawyer, Krevoy cut his teeth with B-movie king Roger Corman. Stabler went the film school route.

The two bristle at suggestions that they are “Generation X” producers, even though their films often seem to be aimed at under-30 audiences. At 40, Stabler is the third-oldest person in the firm, with Krevoy, 38, not far behind. Still, the two say they owe a lot of their success to their under-30 production and development crew.

Using retained earnings and bank lines of credit, the two are able to move quickly to lock up rights themselves so they can present a package and timetable to distributors.

With the success of “Dumb and Dumber,” the Krevoy and Stabler are being approached about financial deals that would give them more money to work with, possibly through a studio or venture capital operation. Both say they welcome the overtures but remain adamant about keeping the independence they cherish and the methods they say help them make quick decisions and get quick answers.

“A lot of our opportunities are time-sensitive,” Krevoy said. “By taking risks financially, we not only secure the rights we need to secure, but also move that much closer to production, which gets the attention of those people in distribution who are always hungry for projects.”

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Dream Team deal: Sources say the still-unnamed entertainment group formed by Steven Spielberg, Jeffrey Katzenberg and David Geffen is on the verge of making a four-year deal with highly respected television and film producer Gary David Goldberg, best known for his long-running hit series “Family Ties” and the critically acclaimed “Brooklyn Bridge.”

Sources said negotiations are continuing this week between the three and Goldberg’s representatives, led by United Talent Agency’s Jeremy Zimmer and lawyer Skip Brittenham. The deal reportedly could be concluded by Monday.

Sources said the deal stems from Katzenberg’s longtime desire to work with Goldberg, as well as the friendship between Goldberg and Spielberg, who both worked on the 1989 Universal film “Dad,” which Goldberg directed.

One project is expected to be a series for CBS; another, a feature film Goldberg is writing. Goldberg’s most recent project has been the comedy film “Bye, Bye Love” for 20th Century Fox.

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Music update: The music industry’s latest executive chase focuses on talent scout Margaret Mittleman, who is reportedly being courted by eight labels, including Epic, American and Geffen. Mittleman, director of talent acquisitions in BMG’s music publishing division, is highly regarded for signing and developing alternative acts such as Beck and Mary Lou Lord.

Meanwhile, Mo Ostin ended his career at Warner Bros. Records on a high note, selling more albums in 1994 than anybody in the business.

The 67-year-old industry titan quit his job after a bitter corporate battle during which critics said his label performed poorly compared to other music units in Warner Music Group. According to SoundScan, Warner Bros. scored an 8.91% market share, while its sister company, Atlantic, ranked second with 8.73%. Warner Music Group continued to dominate the U.S. market, accounting for 21.1% of albums sold last year.

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Chuck Philips contributed to this column.

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Inside Hollywood

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