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The basic story of the film was actually conceived by Spielberg, and produced by his production company, Amblin Entertainment, with Christopher Columbus penning the screenplay.
The only exemption to the deal is Amblin Entertainment, Steven Spielberg's production company, whose films bypass the Peacock deal and air on Showtime thanks to an independent post-release deal, despite the fact they release their projects via Universal.
Source: https://www.cbr.com/super-mario-bros-movie-streaming-release-record-universal/