Netflix Gambles Big on Unproven Director, Ends Up With Nothing to Show
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Carl Erik Rinsch sold an unfinished sci-fi series, "Conquest," to Netflix for over $55 million after a bidding war, despite having directed only one poorly received film.
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Netflix gave Rinsch unusually high creative control and funding, but he never delivered a finished episode as his behavior grew increasingly erratic.
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Rinsch lost millions from Netflix gambling on stocks and crypto, while spending lavishly on cars and clothing.
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Rinsch and Netflix are now battling in confidential arbitration, with Rinsch claiming Netflix owes him damages and Netflix denying owing him anything.
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The fiasco comes as Netflix and other studios aim to cut costs after years of splurging on content to attract streaming subscribers.