Question

ECONOMICS, BUSINESS STRATEGY&THE LAW Who Owns "A Wonderful Life"? In 1946, u fe a movie based on a short story by Philip Vanmovie had to be paid once again. The owners of It's his story copyright in place, royalties Wonderful Life began charging fees to cover their fees to Mr. Stern, and the result was costly access. It's a Won derful Life was seen on television day and night during for its use in the director Frank Capra produced It's a Wonder. Doren Stern called "The Greatest Gift." The movie, starring Jimmy Stewart, did not perform well at the box office, and, although it received five Academy Award nominations, it won no awards. The movie'sthe holiday season when the copyright on the movie copyright was allowed to lapse. Television stations showed the classic without paying fees because the copyright had lapsed However, the U.S. Supreme Court decision in Stewart v Abend, 495 U.S. 207 (1990), offering an extension of What is the relationship between movie copyrights and the copyright protection of the underlying story to the movie, affected Jimmy Stewart's life once again.between story authors and movie producers? What The original story owner, Mr. Stern, held the rights to the story since the movie rights had lapsed. With had lapsed. Now, with the copyright clarification, the movie rights have been reprotected. The story's con- tinuing protection and the high royalty fees make It'sa onderful Life a singular holiday event the rights to the underlying story? Who owns what should businesses negotiating movie rights and royal- ties be certain about before signing an agreement

From the above reading!

1) Who owns what between story authors and movie producers?

Answer 1

The copyright is issued for a fixed duration and it lapses if renewal does not happen within that time limit. The renewal of movie copyright had lapsed but the copyright of the original story remained intact. Therefore, the story authors held the copyright ownership and the movie producers and tv channels were liable for royalties to the authors.