Riding high from its number-one finish over Valentine's weekend, 'Can't Buy Me Love' entered its third weekend (February 20-22, 1981) as the movie everyone was talking about, at least among its target demographic.
As expected, the weekend gross saw a drop from its Valentine's peak, but the numbers remained incredibly strong. The film pulled in $2.98 million, a testament to its staying power and positive word-of-mouth. A third-weekend gross near $3 million kept it firmly lodged at the top of the box office charts and delighted Universal executives. It proved the film had legs beyond the holiday and the initial rush.
The momentum continued, albeit at a slightly moderated pace, through the following weekdays (Monday, Feb 23rd - Thursday, Feb 26th). 'Can't Buy Me Love' added another $1.53 million to its coffers during this period, indicating that audiences were still seeking it out mid-week.
By the end of its third full week in release, the film had amassed a total cumulative gross of $16,101,000. This figure cemented its status as a hit. It had already earned back its production budget many times over and was now generating substantial profit for the studio. The consistent performance week after week silenced any remaining doubts.
For Alex, Nancy, and John Hughes, this sustained success was the green light they had been waiting for. 'Can't Buy Me Love' wasn't just a flash in the pan; it was a proven success story, validating Alex's commercial appeal and the audience's appetite for the kind of stories he wanted to tell. The time was ripe to push forward with '17 Again'.
With 'Can't Buy Me Love' cruising past $16 million in just three weeks and showing strong legs, the time was perfect. In late February 1981, Michael Ovitz, accompanied by Nancy Jones, walked into the executive suites at Universal Pictures for a high-level meeting. Across the imposing conference table sat Sidney Sheinberg, the powerful President and COO of Universal's parent company MCA, and Thom Mount, President of Universal Pictures. The mood was considerably warmer than it might have been just a few months prior.
Ovitz, never one to waste time, got straight to the point, though his tone was smooth. "Gentlemen," he began, "we're all thrilled with the performance of 'Can't Buy Me Love'. It's shaping up to be a significant success story for everyone involved." He gestured towards the latest box office reports Nancy had laid out. "Sixteen million in three weeks, holding strong. Our analysts project it easily crossing forty million domestic, maybe even hitting fifty if we announce Alex's next project soon – capitalize on the synergy, keep his name hot."
Sheinberg and Mount nodded. The numbers were undeniable. 'Can't Buy Me Love' was a profitable hit, exceeding expectations.
"Alex Hayes has proven himself," Ovitz continued, his voice steady. "He connected with the audience, not just as an actor, but as the originator of the concept. They bought into him. And now, we have his next project ready to go – '17 Again'."
Nancy picked up the cue. "The script John Hughes delivered is exceptional, Sid, Thom. You've seen the coverage. It's funny, it's got tremendous heart, a fantastic high-concept hook, and it plays right into that relatable wish-fulfillment space, but with real emotional depth. It hits Alex's demo but also broadens out to a family audience."
"We like the script," Thom Mount acknowledged readily. "Hughes is talented. The concept is strong."
"We're glad you agree," Ovitz said smoothly. "Because we're here today to make the deal. CAA is packaging '17 Again' with Alex attached to star." He paused for effect. "The script price is two hundred and fifty thousand dollars."
It was a bold number for a script, especially involving a new writer, but Ovitz knew the leverage they held. He wasn't just selling a script; he was selling Alex Hayes, the star of Universal's current number one movie at box office.
Sheinberg exchanged a look with Mount. They knew the game. Keeping Alex Hayes happy, and securing his next potentially huge hit, was smart business. "And Alex's compensation?" Sheinberg inquired directly.
"Five hundred thousand dollars to star," Ovitz replied without blinking. A significant jump from Alex's previous quotes, justified by his proven box office draw.
There was a brief negotiation around the production budget, but they quickly settled on $6 million for the production itself. Universal readily agreed to the $250,000 script price — a figure handled as part of the overall deal structure but separate from the production budget allocation. It was understood that Alex's $500,000 starring fee, along with all other anticipated talent, crew, and production expenses needed to make the film, would fall under that dedicated $6 million production budget figure. This ensured the film had good production value without being excessive for the genre.
"CAA packages," Ovitz confirmed, "bringing key elements together. Universal, naturally, retains approval and selects the director."
"Agreed," Sheinberg confirmed, extending a hand first to Ovitz, then to Nancy. "Let's make another hit movie."
The deal was done. Ovitz allowed himself a small, satisfied smile on the way out. His gamble on Alex Hayes, starting with 'Can't Buy Me Love', had paid off handsomely, cementing CAA's power. Universal had secured a promising project with a bankable young star they desperately wanted to keep in-house.
Nancy couldn't wait to make the call. "Alex," she said, her voice radiating excitement when she got him on the line later that day. "Sit down. We just sold '17 Again' to Universal. You're starring, you're getting half a million dollars, and they're putting up six million to make it."
The path to bringing '17 Again' to the screen was now clear, paved by the unexpected, runaway success of a little movie about a nerd, a cheerleader, and a lawnmower.
******
Just as Michael Ovitz had predicted, the announcement of Alex Hayes's next project provided immediate and tangible synergy. News of the '17 Again' deal, strategically released to the Hollywood trades in late February/early March, generated significant buzz. Headlines focusing on Alex's quick follow-up, the high-concept premise, and Universal's clear confidence (signaled by the budget and Alex's salary) kept his name hot.
This renewed attention seemed to directly fuel the ongoing success of 'Can't Buy Me Love'. The impact was particularly evident in the film's fourth week of release (February 27th - March 5th, 1981). Instead of a typical drop-off, the movie experienced a remarkably strong hold, grossing another $4 million during that week alone. This impressive performance pushed its cumulative total past the $20 million mark ($20,101,000) by the end of its third week.
And the success didn't stop there. Buoyed by excellent word-of-mouth, its status as a popular date movie, and the continued publicity surrounding its star, 'Can't Buy Me Love' continued to draw significant audiences throughout the rest of March. It demonstrated incredible legs for a film of its genre, ultimately crossing the remarkable $30 million threshold at the domestic box office by the end of the month.
The synergistic strategy had paid off handsomely, validating Ovitz's tactics and Universal's gamble. The foundation for '17 Again' was now built on the undeniable success of a $30 million-plus hit film.