In 1940, Colbert refused a seven-year contract with Paramount that would have paid her $200,000 a year, after learning she could command $150,000 per film as a freelance artist. With her manager, Colbert secured roles in prestigious films, and this period marked the height of her earning ability. "Boom Town", released in August 1940, was the highest-grossing picture of the year in the United States. However, Colbert once said that "Arise, My Love" (1940) was her favorite of all her movies. It won the Academy Award for Best Story.