Netflix Drops $80M Bid for Smith Biopic — A24 Counters

The first indication that something unusual was happening came around 4 p.m. on a Tuesday, when a junior agent at CAA received an email with an opening line that has since become the talk of the town: "We are authorized to offer $80 million for the life rights."

Within ninety minutes, two other offers had landed. By Friday, the bidding was at $94 million, with Netflix and A24 in a knife fight for what insiders are calling the most coveted package of the year.

The Project

The biopic in question covers the rise of actor Michael Smith (a pseudonym being used during negotiations) from a small-town theater kid to three-time Oscar nominee over a fourteen-year career. The project has been in quiet development for nearly a year, with a draft screenplay from playwright Anna Crouse and a producing attachment from Plan B.

"This is the kind of package that comes around once a decade. Everyone wants in — but only two of them can win."

What's at Stake

For Netflix, the bid is part of a broader strategy to recapture awards-season momentum after a relatively quiet 2025. The streamer has earmarked $400 million for prestige feature projects this year, according to internal documents reviewed by Entertainment Pulse.

A24, by contrast, is making a more unusual play. The studio is reportedly offering full creative control and a backend participation deal that could exceed the headline figure if the film performs.

The Talent

Multiple A-list actors have already been approached for the lead role, though the project's representatives declined to comment on specifics. What is known: the package includes access to two years of personal journals, cooperation from the actor's family, and a previously sealed deposition from a 2018 lawsuit.

What's Next

A decision is expected by mid-February. Both Netflix and A24 declined to comment for this story. The actor's representatives did not respond to multiple requests for comment.