The Matrix movie producer information for chapter | EUROtoday

Village Roadshow Entertainment Group, the movie manufacturing firm behind franchises similar to The Matrix, Ocean’s and the Joker, has filed for chapter safety within the US, in accordance with a submitting with a Delaware court docket.

The agency has blamed its monetary troubles on a authorized battle with its former companion Warner Bros (WB) and a “failed and costly endeavour” into the manufacturing of unbiased movies and tv collection.

In a bid to mitigate a few of its monetary issues, Village Roadshow is proposing to promote its in depth movie library for $365m (£281m).

The firm’s money owed are estimated to be between $500m and $1bn, in accordance with the court docket paperwork.

Village RoadShow and WB produced and co-owned dozens of movies through the years however their relationship soured in early 2022 after the discharge of the most recent Matrix movie – The Matrix Resurrections – on the streaming platform HBO Max.

Village Roadshow alleged WB had shut it out of its rights to any sequels and prequels of the movies the 2 corporations had beforehand labored on collectively.

“The WB arbitration has caused the company to incur more than $18m in legal fees, nearly all of which remain unpaid”, chief restructuring officer Keith Maib mentioned in a court docket submitting.

That authorized battle, in accordance with Mr Maib, has “irreparably decimated the working relationship” between the 2 corporations, in the end ending “the most lucrative nexus” for Village Roadshow’s historic success.

The different difficulty confronted by Village Roadshow was a pricey studio enterprise launched in 2018. None of the movies or tv collection independently produced as a part of that endeavour delivered any earnings.

Like different movie corporations within the US, Village Roadshow additionally struggled with a hunch in demand from the pandemic and the disruption from the strike motion by Hollywood actors and writers, which began in May 2023.

In December, the Writers Guild of America banned its members from working with Village Roadshow over the corporate’s alleged failure to pay its contributors.