Village Roadshow Entertainment Group, the production company responsible for major franchises including The Matrix, Joker, and Ocean’s, has filed for bankruptcy protection in a Delaware court.
The company attributes its financial collapse to two primary factors: an ongoing legal dispute with former partner Warner Bros (WB) and unsuccessful investments in independent film and television production.
As part of its restructuring strategy, Village Roadshow is proposing to sell its extensive film library for $365 million. Court documents reveal the company’s debts range between $500 million and $1 billion.
The relationship between Village Roadshow and Warner Bros deteriorated in early 2022 following the release of “The Matrix Resurrections” on HBO Max. Village Roadshow alleged that WB had excluded it from rights to sequels and prequels of their jointly produced films.
Chief Restructuring Officer Keith Maib stated in court filings that “the WB arbitration has caused the company to incur more than $18 million in legal fees, nearly all of which remain unpaid.” This legal battle has “irreparably decimated the working relationship” between the companies, ending “the most lucrative nexus” for Village Roadshow’s historic success.
Additionally, Village Roadshow faced significant losses from an independent studio business launched in 2018. None of the independently produced films or television series generated profits.
The company also suffered from broader industry challenges, including reduced demand during the pandemic and disruptions caused by the Hollywood actors’ and writers’ strikes that began in May 2023.
In December, the Writers Guild of America imposed a ban preventing its members from working with Village Roadshow, citing the company’s alleged failure to pay its contributors.
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