Step 1: Know What You’re Buying: Format vs. Remake Rights

Before you even think about making an offer, you need to know exactly what you’re trying to buy. People often use “format” and “remake” interchangeably, but in the entertainment business, they are very different. Getting this wrong is a costly mistake.

Remake Rights typically apply to an existing scripted work, like a film or a TV series. You are buying the right to re-create the story, characters, and plot from the original screenplay in a new production, often for a different language or culture.

Format Rights usually apply to unscripted shows (like game shows or reality TV) but can also apply to some scripted series. Here, you’re not buying the script itself, but the “format” — the concept, rules, structure, and branding elements that make the show what it is. Think of shows like The Voice or MasterChef.

Here’s a simple breakdown:

Knowing this distinction shapes your entire search and negotiation strategy.

Step 2: Define Your Acquisition Blueprint

Don’t just start searching randomly. That’s a recipe for wasted time and resources. The smartest buyers create a strategic blueprint first. It’s your North Star for the entire process.

Ask yourself these key questions:

• Who is our target audience? Are you targeting families, young adults, a niche demographic? The IP you choose must resonate with them.
• What is our budget? Be realistic about what you can afford, not just for the rights but for the full production. This will determine if you’re hunting for a blockbuster or an indie gem.
• What genres work for our brand? If you’re known for prestige drama, acquiring a slapstick comedy format might not be the right fit. Stick to what you do best.
• Which territories are we targeting? Are you buying rights for a single country, a region, or globally? This will be a major point in your negotiation.

Having clear answers to these questions will narrow your focus and make your search exponentially more effective.

The Hunt: How to Find Untapped IP Gold

So, you have your blueprint. Now for the exciting part: the hunt. But where do you look? The obvious places like major film festivals and markets are crowded and competitive. The real value is in finding hidden gems before everyone else.

Here’s how you get an edge:

• Look at smaller, regional festivals: They are treasure troves of unique stories with passionate creators.
• Track international successes: What’s a local hit in Turkey, Spain, or India right now? A show with proven domestic success is often a great candidate for a remake.
• Leverage data-driven platforms: This is the game-changer. In the past, this was all based on relationships and luck. Today, you can use a centralized marketplace to find exactly what you need.

This is where you need to be smarter than the competition. Using a tool like Vitrina’s Project Tracker allows you to see what’s in development, production, or recently completed across the globe. You can filter by genre, country, and company to find IP that fits your blueprint perfectly, long before it hits the mainstream radar.

Step 4: Due Diligence: Your Most Important Checkpoint

You found a project you love. The temptation is to jump right into making an offer. Stop.

Skipping proper due diligence is the #1 reason deals fall apart or end in lawsuits. You absolutely must verify that the seller has the clean, undisputed right to sell you the IP.

This process is called verifying the “Chain of Title.” It’s the documented history of ownership for a piece of intellectual property. You need to ensure there are no breaks or competing claims.

Your legal team should investigate:

• The original creator’s contract: Did the writer, director, or producer retain any rights that could interfere with a remake?
• Existing licenses: Has the IP been licensed to another territory or for another medium (like a book or comic)?
• Liens or encumbrances: Are there any outstanding financial claims against the property from investors or lenders?

It sounds tedious, I know. But uncovering a problem here will save you millions and a massive headache down the line. Never, ever skip this step.

Step 5: Sealing the Deal: Key Negotiation Points

Once due diligence checks out, it’s time to negotiate the deal. Your two main options are an Option Agreement or an outright purchase.

• An Option Agreement gives you the exclusive right to purchase the remake rights for a specific period (the “Option Period,” often 12-18 months) for a smaller upfront fee (the “Option Fee”). This gives you time to develop the project and secure financing before committing to the full purchase price.
• A Purchase Agreement means you are buying the rights outright from day one. It’s more cash upfront but gives you full control immediately.

Whichever you choose, your agreement must clearly define:

• The Term: How long do you have the rights for?
• The Territory: Which countries or regions are included?
• The Fees: The option fee, the purchase price, and any backend participation (a percentage of profits for the original rights holder).
• Reserved Rights: What rights is the seller keeping? (e.g., sequel rights, TV rights if you’re buying film rights).