Now that Universal and Fox have broken up with Microsoft's "Halo" flick, all eyes turn towards Paramount and/or Warner Bros. -- but odds are the flick will only get made outside the studio system, or the producers will have to concede a lot of perks.

From Variety: "The U/Fox deal gave "Halo" a $128 million budget. And while Microsoft and the pic's producers aren't taking upfront fees, their collective gross is around 19%, sources said. That is significant for any film with no stars and a first-time director. It is especially daunting in the current conservative studio climate.

Speculation is that the filmmakers will either bend on budget and gross if they want a studio deal, or alternatively pursue a private financing strategy as Tom Cruise is doing with Washington Redskins owner Daniel Snyder, NVR chair Dwight Schar and Six Flags prexy-CEO Mark Shapiro.

Microsoft could even write the check, and rent distribution as Mel Gibson did with "The Passion of the Christ." The reward in success would be much greater than any studio deal would provide, but the vidgame owner would take the risk."

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