The Village Roadshow Entertainment Group, famed for classics like The Matrix and Ocean's heist films, has hit a rocky patch by filing for bankruptcy protection in a Delaware court. The entertainment firm attributes its financial headaches largely to a souring partnership with Warner Bros, leading to a costly legal dispute and a poorly executed foray into independent film production.
In an attempt to recover financially, Village Roadshow plans to sell its film library, valued at approximately $365 million. Court documents reveal that the company’s debts soar between $500 million and $1 billion, indicating significant financial strain.
The legal tensions with Warner Bros escalated after the release of The Matrix Resurrections, where Village Roadshow claimed to have been excluded from sequel rights. This conflict has reportedly racked up over $18 million in unpaid legal fees and has been described as devastating to their working relationship.
Adding to its woes is a failed studio launched in 2018 that failed to churn out profitable films or shows. Like many others in the industry, Village Roadshow faced challenges due to the pandemic and ongoing strikes by Hollywood writers and actors, further intensifying their troubles.
In an attempt to recover financially, Village Roadshow plans to sell its film library, valued at approximately $365 million. Court documents reveal that the company’s debts soar between $500 million and $1 billion, indicating significant financial strain.
The legal tensions with Warner Bros escalated after the release of The Matrix Resurrections, where Village Roadshow claimed to have been excluded from sequel rights. This conflict has reportedly racked up over $18 million in unpaid legal fees and has been described as devastating to their working relationship.
Adding to its woes is a failed studio launched in 2018 that failed to churn out profitable films or shows. Like many others in the industry, Village Roadshow faced challenges due to the pandemic and ongoing strikes by Hollywood writers and actors, further intensifying their troubles.
