Lorne Michaels Net Worth

What Is Lorne Michaels’ Net Worth?

Lorne Michaels, a highly influential figure in television production and comedy, has amassed a substantial net worth estimated at $500 million. This impressive figure is primarily attributed to his extensive career as the creator and producer of “Saturday Night Live” (SNL), his executive producer roles in the “Late Night” and “The Tonight Show” franchises, and his numerous film and television production ventures through his company, Broadway Video.

Details of Lorne Michaels’ Earnings and Career

Michaels’ income is derived from various sources, including film development and television production deals. For three decades, he maintained a film development contract with Paramount Pictures, producing films such as “Wayne’s World,” “Tommy Boy,” and “A Night at the Roxbury.” From 1999 onward, “SNL” cast contracts included a clause granting “SNL” Films, Michaels’ production company, the first option on the actors’ initial three movies. This strategic move allowed Michaels to capitalize on the fame generated by “SNL” for its cast members.

As a television producer, Michaels has been associated with NBC/Universal/Comcast for a long time. In addition to “Saturday Night Live,” this partnership has yielded shows like “The Tonight Show Starring Jimmy Fallon,” “30 Rock,” “A.P. Bio,” and “Late Night with Seth Myers.” In April 2018, Michaels signed a film development deal with NBC Universal, consolidating his producing duties under the NBC umbrella. Sources estimate that these deals provide Lorne with an average annual income equivalent to $30–40 million.

These overall deals typically involve a substantial upfront payment to the producer, followed by additional payments as shows and movies are developed and produced. For example, a five-year contract with an equivalent annual value of $30 million would amount to a total deal value of $150 million. A significant portion of this amount is likely paid upfront, with subsequent payments made over time as milestones are reached.

Lorne Michaels’ career in broadcasting began in Canada, where he worked as a writer and producer for the Canadian Broadcasting Corporation (CBC). His early work helped him to develop a comedy style characterized by sharp wit and keen social commentary. In the early 1970s, Lorne moved to Los Angeles, where he wrote for shows like “Rowan & Martin’s Laugh-In” and “The Beautiful Phyllis Diller Show,” improving his skills in comedy and television production.

The launch of “Saturday Night Live” in 1975 marked a significant turning point in Michaels’ career. The show, with its live sketch comedy and musical performances, became an instant hit and a cultural phenomenon. Under Michaels’ leadership, “SNL” became known for its political satire, celebrity impersonations, and its role in launching the careers of many comedians and actors, including Chevy Chase, Eddie Murphy, Tina Fey, Amy Poehler, and Will Ferrell.

Michaels’ influence extends beyond “SNL.” He has produced several films, many of which are extensions of “SNL” sketches, including classics like “Wayne’s World” and “The Blues Brothers.” His production company, Broadway Video, has been involved in numerous television shows and films, further cementing his status as a key figure in entertainment. Apart from his creative endeavors, Michaels is known for his executive acumen. He has navigated “SNL” through various eras of television, keeping the show relevant and influential for decades.

Lorne Michaels’ Real Estate Holdings

Lorne Michaels’ real estate portfolio includes two notable properties in New York State. The first is an apartment with Central Park views located in The Brentmore, a building that has housed celebrities like Robert De Niro, Paul Simon, Harvey Weinstein, Sting, and Clive Davis. Based on comparable sales, Michaels’ unit is estimated to be worth over $25 million. For example, a smaller unit next to Robert De Niro’s sold for $14.5 million, and De Niro purchased his unit in 2006 for $21 million.

Michaels’ other significant property is a custom-built home in Amagansett, New York, located in East Hampton. This residence sits on just over three acres, featuring a large lawn and a private path leading to the beach.

Lorne David Lipowitz, known professionally as Lorne Michaels, was born on November 17, 1944, in Toronto, Ontario, Canada. He is the son of Florence and Henry Abraham Lipowitz. He attended Forest Hill Collegiate Institute in Toronto and later graduated from University College in 1966 with a major in English.

Michaels began his career with CBC Radio, where he worked as a writer and broadcaster. In 1968, he moved from Toronto to Los Angeles to work on shows like “Laugh-In” and “The Beautiful Phyllis Diller Show” as a writer. In the early 1970s, he also briefly starred in the Canadian comedy series “The Hart and Lorne Terrific Hour” with Hart Pomerantz.

In 1975, Michaels partnered with Dick Ebersol and Herb Schlosser to create the television show “NBC’s Saturday Night,” which later changed its name to “Saturday Night Live” in 1977. The show was filmed live in front of a studio audience and quickly gained a reputation for being cutting-edge and pushing boundaries. It also became an important platform for launching the careers of many successful comedians.

Michaels was originally the show’s producer but also worked as a writer and later the executive producer. He has worked on “SNL” for all of the show’s seasons except for seasons six to ten, when he took a hiatus from 1980 to 1985. Since its inception, the show has been nominated for more than 156 Emmy Awards, winning 36. Michaels has occasionally appeared on screen in various “SNL” skits throughout the years. One of his most infamous appearances was in the first season when he offered the Beatles the deliberately small sum of $3,000 to reunite on “SNL,” which obviously did not work.

During his hiatus from “SNL,” Michaels created another sketch-based show, “The New Show,” which debuted on NBC in January 1984. It failed to attract any attention and was canceled after only airing nine episodes. He has also worked as executive producer for shows like “Late Night with Jimmy Fallon” (2009-2014), “30 Rock” (2006-2013), “Portlandia” (2011-2018), “Up All Night” (2011-2013), and “The Tonight Show with Jimmy Fallon” (2014–present).

In addition to his work on television, Michaels has served as a producer on over twenty films, including “Gilda Live” (1980), “Wayne’s World” (1992), “Lassie” (1994), “Black Sheep” (1996), “Superstar” (1999), “Enigma” (2001), “Mean Girls” (2004), “Hot Rod” (2007), “Baby Mama” (2008), “MacGruber” (2010), “Whiskey Tango Foxtrot” (2016), “Masterminds” (2016) and “Sandy Wexler” (2017).

Awards and Personal Life

Michaels has received numerous awards and accolades throughout his career. In 1999, he was inducted into the Television Academy Hall of Fame and received a star on the Hollywood Walk of Fame. In 2003, he received a star on Canada’s Walk of Fame. In 2004, the Kennedy Center in Washington, D.C., awarded him with the Mark Twain Prize for American Humor. Then, in 2006, Lorne received Canada’s highest honor in the performing arts, the Governor General’s Performing Arts Award for Lifetime Artistic Achievement. Additionally, he is the recipient of a Personal Peabody Award in 2012, a rare honor.

Michaels became a US citizen in 1987 and was made a Companion of the Order of Canada (CC) in 2002. He has been married three times. His first marriage was to Rosie Shuster, from 1971 to 1980. She is the daughter of his comedy mentor Frank Shuster and worked with him as a writer on “SNL.” Lorne’s second marriage was to model Susan Forristal from 1981 to 1987. He then married his former assistant Alice Barry in 1991, and together they have three children.