LOS ANGELES, Aug. 8 -- Sylvester Stallone has signed a three- movie deal with Universal Pictures, a non-exclusive pact reportedly worth $60 million to the action movie superstar. The studio did not disclose financial terms when it announced the deal Tuesday, but Hollywood trade papers reported Universal will pay Stallone $20 million per movie. The agreement is one of the studio's first major deals since the arrival last month of new president Ron Meyer, Stallone's former agent. 'Ron Meyer has always given me brilliant advice and provided me with the greatest leadership,' Stallone said in a statement. 'Ron Meyer... and Universal Pictures have my 100 percent dedication to provide the best work I've ever done, and the best is definitely yet to come.' Hollywood observers viewed the staggering deal as a sign that Meyer and Universal's new majority owner, Canadian beverage giant Seagram Co., are willing to shell out big bucks to attract top names. Last week, Universal signed red-hot comic Jim Carrey to star in the comedy 'Liar, Liar.' Industry trade papers reported Carrey's deal also was worth $20 million. Reports say some rival studio executives were angered by Universal's generous deals, predicting they will ratchet up salaries for other top stars. Stallone's going rate jumped to $20 million earlier this year when Meyer won him the then-unprecedented sum for a one-movie deal with Savoy Pictures, an independent film company. Carrey's agents quickly followed suit, swinging a $20 million deal for the Columbia Pictures comedy 'The Cable Guy' for the star of 'The Mask' and 'Dumb and Dumber.'
Carrey's last three movies, including this summer's Warner Bros. blockbuster 'Batman Forever,' have grossed more than $100 million each domestically. Stallone's latest movie, 'Judge Dredd,' has posted a relatively small $38.2 million domestic take after more than one month in theaters, but he remains a goldmine in foreign markets. In addition to the agreement announced Tuesday, Stallone also will earn a reported $17.5 million to star in the Universal drama 'Daylight, ' the story of an emergency services worker trapped in New York City's Holland Tunnel following a massive explosion. Production on the movie is scheduled to begin next month.
