Matthew Perry, who played Chandler Bing on the hit TV sitcom Friends from 1994 to 2004, died at the age of 54
AFP

The highly acclaimed Matthew Perry, known for his iconic role as Chandler Bing, was one of the most beloved figures in the entertainment industry. The "Friends" alum died on Oct. 28, 2023, at the age of 54. He was found in his jacuzzi in his $5 million home in Los Angeles.

Following his death, there are still outstanding concerns regarding Perry's $120 million estate. Perry's most significant source of wealth was his portrayal of Chandler Bing in the enduringly successful comedy "Friends." He was reportedly paid a whopping $1 million per episode by last season. Perry's comic brilliance continued to pay off even after the program concluded, thanks to lucrative syndication arrangements, which ensured a consistent flow of cash for years to come.

How much did Perry earn from "Friends"?

Beyond the first run of the program, Perry saw financial benefits from "Friends"' ongoing popularity. This has been made possible by the idea of syndication. The rights to rerun a television show are sold to nearby stations or streaming providers in syndication. This makes it possible for the program to make money even after its first network run has been over. In Perry's instance, the show's ongoing syndication success gave him a substantial profit, estimated at $20 million per year. This demonstrates the effectiveness of syndication agreements, which can give performers and show producers a consistent flow of revenue for many years or even decades following the original creation of a show.

Digging deeper into Perry's financial picture

There was no denying "Friends" financial success. Together with the other cast members, Perry accumulated a sizeable fortune from the program; at the time of his passing, his estimated net worth was $120 million. But as Perry acknowledged in a 2022 People interview, fame and fortune didn't come without a price. He acknowledged that if it had meant he wouldn't have had to deal with his addictions.

He said that being on "Friends," despite the challenges of fame, "probably saved my life" because the pressure to perform kept him from going overboard.

Perry also opened up about his reasons for waiting until 2022 to write his memoir, "Friends, Lovers, and the Big Terrible Thing." He wanted to be "safe from going into the dark side of everything again" and "pretty safely sober" before he shared his story. His ultimate goal, he said, was to help others by being open about his experiences.

Those experiences included a brush with death at the age of 49. According to Perry, his colon burst from opioid overuse, and he spent a significant amount of time in the hospital recovering. Doctors initially gave him a slim chance of survival.

Perry revealed that his struggles with alcohol began when he was first cast on Friends at a young age. He said there were periods of sobriety, but the addiction took hold over time. Interestingly, he noted that the season he was completely sober was also the season he received a best actor nomination. "That should tell me something," he remarked.

Who is the rightful heir of Perry's wealth?

No one knows for sure who will get Perry's money. Like naming someone for a retirement account, he may have named beneficiaries in his SAG-AFTRA contract to receive these benefits after his death. Perry had the option, instead, to create a trust -- a discreet financial arrangement -- that would have protected the identity of the remaining beneficiary. If there was no trust or named beneficiary, distribution would be made by California inheritance law. Perry's parents would probably get his residuals and his whole inheritance because he was single and had no children.

Notwithstanding the $120 million fortune from her "Friends" popularity, uncertainties remain over its inheritance. Perry may have established a trust or designated beneficiaries through his union, but specifics are unknown. Since he didn't have a spouse or kids, California law states that his parents will inherit in their absence. The final destination of this comedy riches will only become apparent with time.