Understanding Channing Tatum and Jenna Dewan's Legal Struggle for 'Magic Mike' Wealth

Channing Tatum and Jenna Dewans Divorce Stalled Over His Magic Mike Salary

Channing Tatum and Jenna Dewan Jason LaVeris/FilmMagic

Nearly five years after Channing Tatum and Jenna Dewan finalized their divorce, they are still working out details related to their settlement, particularly involving money from the movie Magic Mike.

Dewan, 43, recently filed court documents on April 10, listing witnesses who will testify about their marriage, business, and finances. Tatum, 43, also submitted his own list of witnesses, including Dewan and her fiancé Steve Kazee, to provide testimony about shared expenses and living arrangements. Additionally, Magic Mike director Steven Soderbergh is included on the witness list, as per legal filings obtained by We.

Dewan is requesting half of Tatum’s earnings from Magic Mike, stating that they had agreed to share it equally. The movie, based on Tatum's experiences as a dancer, premiered in 2012 and led to two sequels and a live stage show in Las Vegas and London.

She believes she deserves compensation from his salary because the film was funded by both of them using joint resources. Dewan also claims they were partners in acquiring the project.

Dewan and Tatum have differing views on the IP of Magic Mike, but that's not their only source of income. Dewan earns her primary income from her acting salary, currently appearing on ABC's The Rookie. She also receives additional income from royalties of past acting projects like Supergirl and Step Up, brand partnerships with companies like Wells Fargo and Lindt, and various investments. Together with Tatum and other partners, she co-founded 33andOut Productions.

In addition to her professional endeavors, Dewan owns a home that she pays for through a mortgage. She resides there with her daughter Everly. Dewan also takes care of Everly's medical expenses and health insurance. Additionally, her partner Kazee, who is 48 years old, and their son Callum also live with them.

Tatum is not just an actor, but also a co-owner of production companies like 33andOut Productions and Iron Horse Entertainment. He has acted in movies like Fly Me to the Moon with Scarlett Johansson and will be in his fiancée Zoë Kravitz's directorial debut Blink Twice this year. Apart from his acting earnings and Magic Mike projects, he has invested in companies like Manscaped and Runa energy drink. According to a Forbes report in October 2023, his net worth is estimated to be around $80 million.

Channing Tatum and Jenna Dewans Divorce Stalled Over His Magic Mike Salary

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Magic Mike has been a successful venture for Channing Tatum. The first movie grossed $167 million worldwide, while the sequel, Magic Mike XXL, earned $122 million. Even the stage show, Magic Mike’s Last Dance, brought in $57 million. The stage residencies have been profitable, leading to the creation of the reality show Finding Magic Mike. In February 2023, Bloomberg reported that the stage show, with productions in Las Vegas and London, sold over $125 million in tickets.

A hearing took place in Dewan and Tatum’s case on Friday, April 12. Dewan's lawyer claimed that Tatum and his business managers are hiding assets by placing the earnings from Magic Mike in a complicated network of LLCs, holding companies, and partnerships. This is done to reduce and hide the value of the community property Magic Mike intellectual property and derivative assets. She also stated that Tatum engaged in self-dealing transactions to disguise income from Magic Mike intellectual property.

Dewan's lawyer, Samantha Spector, emphasized the importance of the Magic Mike intellectual property and its earnings. She mentioned that they have been trying to resolve the case for years, but the issue of Magic Mike keeps causing delays. Spector highlighted that they are dealing with a potentially billion-dollar asset that needs to be addressed.

Dewan is requesting a separate trial to address the Magic Mike assets. This trial would allow the court to determine Tatum's fiduciary duty, whether he has breached this duty, and the damages Dewan is entitled to.

Tatum's lawyers denied the accusation on Friday. They stated that the actor did not hide any proceeds through a protected trust. Furthermore, they emphasized that Tatum has never refused Dewan a portion of their shared community assets or income.

His lawyers stated in an affidavit that all transactions were done fairly, with Petitioner having legal representation, signing gift tax returns, and actively participating in transactions for the benefit of the community and their daughter. They also mentioned that there is no evidence of Respondent (Tatum) causing harm to the community or Petitioner (Dewan).

Tatum's legal team claimed that Magic Mike was most profitable following his separation from Dewan in 2018. In November 2019, a judge approved their request to be legally single, and they agreed to share joint physical and legal custody of their daughter Everly.

Dewan's team mentioned that after resolving the Magic Mike issue, they are open to discussing agreements for other assets and custody. They emphasized that the result of the trial will impact the amount of income available for child support and reimbursement requests.

Editor's P/S:

The ongoing financial dispute between Channing Tatum and Jenna Dewan highlights the complexities of post-divorce settlements, particularly when it involves high-value assets like intellectual property. Dewan's claim that she is entitled to half of Tatum's earnings from the Magic Mike franchise, which was partially funded by their joint resources, raises questions about the nature of their business partnership and the fair distribution of profits.

Dewan's lawyer's assertion that Tatum engaged in self-dealing transactions to disguise income from Magic Mike intellectual property further complicates the matter. The accusation of asset hiding through LLCs and holding companies suggests a potential breach of fiduciary duty and raises concerns about transparency and accountability. However, Tatum's legal team denies these allegations and emphasizes that all transactions were conducted fairly, with Dewan's full knowledge and consent. The upcoming trial will determine the validity of these claims and establish the extent of Dewan's entitlement to Magic Mike earnings.