What is Lorne Michaels’ Net Worth and Salary:?

Canadian-American television producer and writer Lorne Michaels has a net worth of $500 million, largely due to his creation and production of the iconic comedy program “Saturday Night Live”.

Michaels is also known for producing the “Late Night” series and “The Tonight Show”.

Lorne Michaels’ Income Sources and Deals

Lorne Michaels, the executive producer of Saturday Night Live (SNL) and several other shows for NBC, earns a significant amount of money every year. However, his income is not a simple annual amount as he signs overall deal contracts with studios and companies for film development and television production.

For three decades, Lorne had a film development contract with Paramount, which produced many successful movies such as “Wayne’s World,” “Tommy Boy,” and “A Night at the Roxbury.” Starting in 1999, every SNL cast contract included a clause that required the actors to give SNL Films, Lorne’s production company, the first option on the actor’s first three movies.

As a television producer, Lorne has been based with NBC/Universal/Comcast and produced shows such as “The Tonight Show Starring Jimmy Fallon,” “30 Rock,” “A.P. Bio,” and “Late Night with Seth Myers.” In April 2018, he signed a film development deal with NBC Universal, which made him 100% under the NBC umbrella for all producing duties.

According to a source, Lorne earns the equivalent of $30-40 million per year if you were to back into an annual number. However, NBC pays him a large percentage of his total deal value upfront, so he doesn’t necessarily earn a significant salary every year. For instance, if Lorne earns the equivalent of $30 million per year and has a 5-year contract, his total deal value would be $150 million, paid upfront and over the years as milestones are reached.

Early Life and Education

Lorne David Lipowitz was born in Toronto, Ontario, Canada, on November 17, 1944, to Florence and Henry Abraham Lipowitz. He and his siblings were raised in Toronto, where he attended Forest Hill Collegiate Institute. He continued his education at University College, graduating in 1966 after majoring in English.

Some reports state that he was born in Israel, and his family emigrated to Toronto when he was an infant.

Career Beginnings

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

Creating Saturday Night Live

In 1975, Michaels partnered with Dick Ebersol and Herb Schlosser to create “NBC’s Saturday Night,” which later became “Saturday Night Live” (SNL) in 1977. The show quickly gained a reputation for pushing boundaries and launching the careers of many comedians. Michaels worked as a producer, writer, and executive producer on the show, except for a hiatus from 1980 to 1985. SNL has been nominated for over 156 Emmy Awards and has won 36. Michaels occasionally appeared on screen, including a famous skit in which he offered the Beatles $3,000 to reunite on the show.

Michaels’ Career Achievements

During his hiatus from SNL, Michaels created another sketch-based show, “The New Show”, which debuted on NBC in January 1984. 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”.

In addition to his work on television, Michaels has served 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 Accolades

Lorne 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. He also received a star on Canada’s Walk of Fame in 2003.

In 2004, the Kennedy Center awarded him with the Mark Twain Prize for American Humor. Then, in 2006, he 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.

Personal Life

Lorne Michaels became a US citizen in 1987 and was inducted into the Order of Canada in 2002. He has been married three times. His first marriage was to Rosie Shuster, the daughter of his comedy mentor Frank Shuster, and worked with him as a writer on SNL. They were married from 1971 to 1980. Michaels’ 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.

Lorne Michaels’ New York Properties

Lorne Michaels, according to tax records, owns two properties in New York state. The first is an impressive apartment with Central Park views in a building called The Brentmore. Other current or former celebrity residents include Robert De Niro, Paul Simon, Harvey Weinstein, Sting, and Clive Davis. Based on similar sales comps, Lorne’s unit is likely worth north of $25 million.

Lorne’s pride and joy is his home in Amagansett, New York (East Hampton). He custom built the home which sits on just over 3-acres. It has an enormous lawn and is a short walk down a private path to the beach.

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