Christopher Nolan will be heading to Universal Pictures for his next film. Warner Bros
Christopher Nolan will be heading to Universal Pictures for his next film. Warner Bros
Christopher Nolan will be heading to Universal Pictures for his next film. Warner Bros
Christopher Nolan will be heading to Universal Pictures for his next film. Warner Bros

Arts & Culture

Why did Christopher Nolan choose to part ways with Warner Bros for his new film?

'Tenet' filmmaker chose Universal Pictures to finance and distribute his biopic of J Robert Oppenheimer, father of the atom bomb

Razmig Bedirian
Razmig Bedirian

September 15, 2021

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Christopher Nolan will be working with Universal Pictures for his next film, effectively ending a 19-year relationship with Warner Bros.

The $100 million film will be a biographical drama about US physicist J Robert Oppenheimer, nicknamed the father of the atom bomb for his role in the 1942 Manhattan Project. The film will mark the second time Nolan finds source material in the gruelling history of the Second World War, after his 2017 Oscar-winning epic Dunkirk, which made more than $520m at the box office internationally.

Christopher Nolan's 2017 Oscar-winning epic 'Dunkirk' made more than $520 million at the box office. AP
Christopher Nolan's 2017 Oscar-winning epic 'Dunkirk' made more than $520 million at the box office. AP

Nolan was reportedly in talks with a number of production companies including Sony, MGM and Paramount before deciding on Universal Pictures to finance and distribute the film. According to Deadline, frequent Nolan collaborator Cillian Murphy will be involved in the still-untitled project.

So why did the Dark Knight and Interstellar filmmaker leave Warner Bros, a company he has almost exclusively worked with since his 2002 thriller Insomnia?

Nolan’s decision to sever ties with Warner Bros did not come completely out of the blue. In late 2020, the director publicly criticised the studio for its decision to adopt a hybrid release model, debuting films in theatres the same day they become available on the HBO Max streaming service.

“Some of our industry’s biggest filmmakers and most important movie stars went to bed the night before thinking they were working for the greatest movie studio and woke up to find out they were working for the worst streaming service,” Nolan told Hollywood Reporter in December.

“Warner Bros had an incredible machine for getting a filmmaker’s work out everywhere, both in theatres and in the home, and they are dismantling it as we speak. They don’t even understand what they’re losing. Their decision makes no economic sense, and even the most casual Wall Street investor can see the difference between disruption and dysfunction.”

After the comment, many assumed it was only a matter of time until the British-American filmmaker broke it off with Warner Bros.

His latest release, the 2020 time-bending thriller Tenet marked the ninth film that involved Warner Bros. The film was met with generally positive reviews and made more than $350m at the global box office. However, Nolan’s most financially successful films with Warner Bros was the Dark Knight trilogy, which collectively netted about $2.5 billion in global box office sales.

The national orchestra
Three tips from La Perle's performers

1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.

2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.

3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.

While you're here
While you're here
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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

Updated: September 15, 2021, 10:44 AM