【线上云德】疫情期间律师说（六）|从电影《囧妈》切入，探讨荧幕背后的对赌协议以及影视企业在疫情下的应对措施

  《囧妈》不“囧”，在疫情打响的电影上映阻击战中，《囧妈》通过大年初一网络免费上映的方式突出重围，大获全胜，那么在“皆大欢喜”的背后，有着怎样的法律故事？时间回溯，简单看看事件的进展：《囧妈》的制作方欢喜传媒集团有限公司（以下称“欢喜传媒”）于2019年11月7日公告《有关电影保底发行协议》，作为电影的发行方横店影视要求徐峥的《囧妈》票房至少达到24亿元，同意支付6亿元的制作费和1.5亿元的宣发费，而超出24亿元的票房盈利部分，两家分别按35%和65%的比例分成。后疫情爆发，电影无法如期上映，2020年1月24日，欢喜传媒发布《有关终止电影保底发行协议》的公告，同日，欢喜传媒发布《有关合作协议之内幕消息》的公告，宣布与北京字节跳动网络技术有限公司签订合作协议，将与在线视频相关的多个领域展开合作，字节跳动至少支付六亿三千万元作为代价，此时事件完结，展示在公众面前的结果就是“《囧妈》撤档，网络上映”。

"Lost mom" is not nervous, in the outbreak of the movie screening war, "lost mom" free through the network release on the first day of the New Year, a complete victory, so in the "as you like it" behind, what kind of legal story? Time back, the simple look at the progress of the event: Huanxi media group co., LTD. Of the producers of the "Lost mom"shall make a public announcement on November 7, 2019, "the movie" guaranteed contracts, as the issuer of the movie Hengdian film and television requires Xu Zheng "Lost mom" box office at least 2.4 billion yuan, agreed to pay 600 million yuan production and dispersing pertains fee of $150 million and more than 2.4 billion yuan at the box office earnings section, two divided by the proportion of 35% and 65% respectively. After the outbreak, the movie cannot release, as scheduled on January 24, 2020, and the media published the announcement of the journal about the termination of the agreement guaranteed release of a film, on the same day, and the media published the announcement of the journal the inside information of relevant cooperation agreement, announced the bytes to beat with Beijing Network Technology co., LTD. Signed a cooperation agreement, the online video related fields, byte to beat to pay at least six hundred and thirty million yuan as a cost, completion of the event, shows in front of the public is the result that "Lost mom" pulled from the network.

那么，欢喜传媒公告的《有关电影保底发行协议》即为法律意义上的对赌协议，又称估值调整协议，是期权的一种形式，指投资方与融资方在达成协议时，双方对于未来不确定情况的一种约定。若约定条件不成立，投资方可以行使一种估值调整协议权利，以弥补企业价值高估的损失；若约定条件成立，融资方则行使一种权利，以补偿前期企业价值被低估的损失。目前对赌协议正在成为影视行业最为重要的交易模式，但既然名为对赌协议，有赌即有输赢，虽然在对自身业绩、市场以及对赌能够带来的利益等多方面进行考评预估后，签订了对赌协议，但是市场的不可控性终究还是风险与机遇共存，赢者如食蜜饯、输者同中砒霜，就例如本次新冠疫情的出现，对对赌协议中承诺业绩的一方经营和应对都赋予了压力，那么如何尽肯能避免损失呢？

Then, the "About the guaranteed release agreement" announced by Huanxi media is a legal bet agreement, also known as the valuation adjustment agreement, is a form of option, refers to the agreement between the investor and the financing party when they reach an agreement, the two sides are uncertain about the future. If the agreed conditions are not valid, the investors can exercise a valuation adjustment agreement right to make up for the loss of the enterprise's overvaluation; If the agreed conditions are established, the financing party shall exercise a right to compensate the loss of the earlier enterprise value being underestimated. Bet against the agreement is a film and television industry's most important trading patterns, but since called bet agreement, have bet on the winning or losing, while on his own performance, market and bet can carry on the forecast for examination and assessment of benefits and so on many aspects, signed an agreement, but the market is not controllable risks and opportunities coexist, after all the winner with the arsenic, such as eat candied fruit, losers are the appearance of new crown outbreak, for example, a party to bet against the agreement pledge performance management and response to stress, has so how to do can avoid losses?

律师建议：

1.影视企业应与投资方充分沟通，修改对赌协议的相关内容

在疫情发生后，影视企业首先应及时以书面方式通知投资人，并告知受到疫情影响的具体情况，包括履行上存在的障碍、已经遭受的损失、未来可能遭受的损失，以及已经采取的措施等。疫情的出现使得影视企业遭受了极为重大的打击，这也是投资方不愿意看到的，如果投资方能够正视现实，且看好影视企业的未来发展，则双方完全可以重回谈判桌，客观评估各方面的影响，重新审视对赌协议。进行协商调整。

修改对赌协议主要分为以下两种情况：

第一，疫情对协议的履行构成根本性的障碍，继续履行没有意义或对一方明显不公平，则双方可以协商终止对赌协议，并在终止协议中明确各方不担责及其他善后事宜。第二，双方签订的对赌协议时间跨度较长，而疫情仅对2020年的业绩产生了较大的影响，双方仍愿意继续履行，在修改对赌协议时，应注意协议各相关内容的整体协调，避免出现矛盾，如：重新确定业绩目标，或者将对赌期限予以顺延等。

Counsel's advice:

1. Film and television enterprises shall fully communicate with the investors and modify the relevant contents of the anti-gambling agreement

After the outbreak of the epidemic, film and television enterprises should first inform investors in writing in a timely manner, and inform them of the specific situation affected by the epidemic, including obstacles in performance, losses suffered, future losses, and measures taken. The emergence of the epidemic caused the film and television enterprises to suffer a very serious blow, which is also the investors do not want to see, if the investors can face the reality, and optimistic about the future development of film and television enterprises, the two sides can return to the negotiating table, objective assessment of the impact of various aspects, re-examine the agreement on gambling. Negotiate adjustments.

The modification of the wager agreement can be divided into the following two situations:

If the outbreak constitutes a fundamental obstacle to the performance of the agreement, and the continuation of the performance is meaningless or obviously unfair to one party, the parties may negotiate the termination of the counterparty agreement, and specify in the termination agreement that the parties are not responsible and other follow-up matters. Second, the two sides signed the agreement on the bet time span is long, and the outbreak only has great influence on the performance in 2020, the two sides are still willing to continue to perform, bet we amend the agreement, the agreement should be paid attention to the relevant contents of the overall coordination, avoid contradictions, such as: to determine the performance targets, or will be postpone bet on deadline, etc.

2.如不得不对簿公堂，影视企业应根据协议约定及实际情况，依法主张不可抗力或情势变更，努力自救减损

（1）基于疫情对协议履行的实际影响，影视企业应当依法主张疫情构成不可抗力，其不能预见、不能避免且不能克服；或主张疫情构成情势变更，未能如约实现票房业绩目标并非影视企业的责任，应当解除或变更对赌协议。

（2）鉴于疫情存续的阶段性特点，仅仅主张不可抗力或情势变更并不能保证影视企业全身而退，就疫情对业绩的具体影响，影视企业还应在数据上做好准备工作，包括历史数据、行业情况、横向及纵向对比数据等，为证明自己的主张提供充分的依据，使疫情的影响得以量化，从而最大限度地减少损失。

（3）即使疫情足以构成不可抗力，基于诚实信用原则，影视企业仍应采取积极措施尽量减少或避免损失扩大，如果其在疫情发生时未采取任何措施避免或减少损失的扩大,或采取措施不当，其很可能仍将承担相应责任。

2. In case of court proceedings, the film and television enterprise shall claim force majeure or change of circumstances according to the agreement and actual situation, and try to save itself and reduce losses

(1) Based on the actual impact of the epidemic situation on the performance of the agreement, film and television enterprises shall claim that the epidemic situation constitutes force majeure, which cannot be foreseen, avoided or overcome; Or argue that the epidemic situation constitutes a change of circumstances, failure to meet the box office performance targets as agreed is not the responsibility of the film and television enterprises, should terminate or change the gambling agreement.

(2) The phased characteristics of survival, given the outbreak only claim of force majeure or the situation changes and there is no guarantee that the film and television enterprises, epidemic affects the performance of concrete, the film and television enterprises should also prepare in the data, including historical data, the industry situation, transverse and longitudinal comparison data, and so on, to prove his claim to provide the basis of fully, to quantify the influence of the outbreak, and thus to minimize damage.

(3) Even if the epidemic situation is enough to constitute force majeure, based on the principle of good faith, film and television enterprises should still take active measures to minimize or avoid the expansion of losses. If they do not take any measures to avoid or reduce the expansion of losses when the epidemic occurs, or take improper measures, they will probably still bear the corresponding responsibility.