What is true about First Look deals?

• A. Exclusive: the producer commits to exclusive development.
• B. The distributor has the first option to acquire any new project developed by the producer (no advances, but office & development money).
• C. The distributor covers overhead costs in exchange for pitched projects.
• D. The producer can never seek other distributors.

Answer: (B)

First Look deals hinge on the distributor’s right of first look to a producer’s new projects. The distributor usually provides development money and office support, but does not typically advance production funds to acquire a project immediately. The essence is that the distributor has the first option to acquire any new project developed by the producer; if the distributor declines or does not exercise the option, the producer is free to shop the project with other distributors. This captures both the priority of consideration and the funding arrangement that accompanies a First Look deal.

The other descriptions don’t fit because a First Look deal isn’t inherently exclusive development for the producer, and it doesn’t obligate the distributor to cover overhead costs in exchange for pitched projects. Also, the producer is not permanently barred from seeking other distributors; they can pursue others if the first look isn’t exercised.