Lew Grade probably paid a much higher marginal rate of tax back in the seventies than he would now. On the other hand, he once apparently described commercial Tv as 'a licence to print money'. After 'Raise the Titanic' (which I've always liked) and 'Escape to Athena' et al , he probably needed it.
ITC's film making saga is a pretty good object lesson in the economics of film-making and a warning to those who want to 'go big'. Although he got some good films made (On Golden Pond, Eagle Has Landed, Sophie's Choice) and some hits (Muppets - OK, a classic), there were some real duds. There are always going to be failures, as well as successes (every film is a gamble), but if you try to go 'big budget/international', you end up risking a lot of money on films which can wipe you out. If the budgets had been smaller, the risk would have been spread more evenly. Of course a lot of the projects were rubbish (Saturn 3, Firepower & Lone Ranger), but even the best film can make no money. No one sets out to make a flop, but you hope that your winnings outdo your losses.
I'm sure Lew Grade thought that 'Titanic' was very commercial (cost $36m, grossed $7m in the US), and possibly thought that Sophie's Choice was pretty arty, although it had Streep on board (Pakula originally wanted Liv Ullman - ultra arty!). It cost $12m, took $19m in the US. Streep took the Oscar. Nobody knows anything.



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