September 28, 2004 08:45 AM

Those New York University tuition payments just got even easier for Mary-Kate and Ashley Olsen.

The 18-year-olds have closed a new 10-year distribution deal that calls for Warner Home Video (which, like PEOPLE, is part of Time Warner) to pay them an eight-figure advance against future royalties from the sales of Olsen home videos, says the Hollywood Reporter.

“I believe that this upfront payment demonstrates the international growth potential that the Mary-kateandashley brand has, not only domestically but overseas,” says Robert Thorne, CEO of the Olsens’ Dualstar Video.

The 45-title Olsen home-video franchise has grossed about $1 billion internationally since 1993, when the twins’ videos were first released. All told, the Olsens have sold about 40 million home-video units worldwide.

The November 2000 direct-to-video release Our Lips Are Sealed was the most popular, with about 3 million VHS and DVD units sold worldwide. This was followed by the 2001 Winning London, which has sold more than 2 million VHS and DVD units, says the Reporter.

As for how the new freshmen are taking to student life when not cracking the books, they were spotted late last week at Chelsea hotspot Bungalow 8, PEOPLE.com reported.

Ashley, wearing a coral minidress and black boots, made a 2 a.m. entrance accompanied by a few friends. The next night found Ashley back at Bungalow 8, this time with Mary-Kate, along with Ashley’s rumored beau Scott Sartiano.

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