Variety, July 15, 2002 - July 21, 2002

Copyright 2002 Reed Elsevier Inc.

July 15, 2002 - July 21, 2002

PARAMOUNT AT 90; Classics' simple plan: low risk, high art

By DANA HARRIS

The business of independent film distribution is not known for its stability, which is why it seemed so peculiar when Paramount Pictures launched Paramount Classics more than four years ago.

Paramount is the most stolid of the major studios, known for its implacable leadership, fiscal conservatism and what some might say a rather narrow view of greenlight-worthy movies. For Par, launching a classics division looked to be an exercise in frustration. As it turns out, Paramount Classics is operating much like its parent. Even though co-presidents Ruth Vitale and David Dinerstein handle an annual slate with a total gross dwarfed by the opening weekend of, say, "The Sum off All Fears," it's still run as a business.

"We have shifted from being bigger risk-takers," says Vitale. "(Paramount) stays to their business plans."

Those modest ambitions are aided by Paramount's international distribution capabilities, which allow Vitale and Dinerstein to pick up films in multiple territories rather than relying on domestic gross to carry the day.

Nonetheless, Paramount Classics is known as something of a lowball buyer, one that will not let affection jack up the price of a title or be drawn into bidding wars.

"Even with international, we're talking much more realistic numbers," says Dinerstein. "In a bidding war, that's how we lose."

Highlights among Paramount Classics releases include Kenneth Lonergan's "You Can Count on Me"; Sofia Coppola's "The Virgin Suicides"; and quite possibly the upcoming "Bloody Sunday," which bowed to rave reviews at the Cannes Film Festival.

Vitale and Dinerstein are also keyed up about their first prebuy, "I'll Sleep When I'm Dead," which reunites "Croupier" director Mike Hodges and star Clive Owen.

"I read this script back in October 2000 and they never left us," says Vitale. "It's wonderful that we can be in business with these guys."

Loyalty also extends to its staff. Vitale and Dinerstein launched the company Feb. 14, 1998, and recently reupped their contracts. The acerbic Vitale and the unfailingly polite Dinerstein are a study in contrasts, but it's a balance that works: Vitale crosses the globe in search of movies and oversees their acquisition, while Dinerstein holds down the fort and sees that they're properly launched.

The company will be seeing a change, however, when VP of acquisitions and co-production Michael Nash leaves in September to pursue a career in production.

"I'm sad," sighs Vitale. "I'm like the mother who's irritated that he wants to go to college."