In 1986, producer Daniel Melnick found the screenplay for "Punchline" among twelve other unrealized scripts in the vaults of Columbia Pictures. Seltzer's screenplay had gone through three changes of studio management because the executives didn't like the mix of comedy and drama as well as the Steven Gold character because they thought he was, according to Melnick, "obsessive, certainly self-destructive and could be considered mean-spirited." The studio couldn’t get a major star to commit to the material and so Melnick decided to make the movie for $8 million and with no stars. Interim studio president Steve Sohmer didn't like that idea and sent the script to Sally Field, who had a production deal with Columbia. Field agreed to star in and produce the movie. Once Field signed on, the budget was set at $15 million.