What film of the modern digital age is the most iconic? If you thought The Matrix, then you’re right there next to most cinema and sci-fi fans. The genre-defining 1999 film made by the Wachowski sisters, which brings even Keanu Reeves to tears when thinking about its impact, was made for $63 million and has now resulted in a franchise that has grossed $1.6 billion worldwide over the years. So, it’ll probably come as a shock to hear the production and financing company behind one of the most successful sci-fi films of all time has just filed for bankruptcy.
Village Roadshow Entertainment Group has filed for Chapter 11 bankruptcy protection, and it isn’t completely due to their own actions. The studio that brought audiences hits like Joker, Ocean’s Eleven, and The Lego Movie is closing its doors, but not without some previous effort to turn things around. Village Roadshow had a long-standing partnership with Warner Bros. that took a sour turn after the release of the latest of their collaborations on their best-selling sci-fi franchise, The Matrix Resurrections.
The production company that worked with Warner Bros. on all installments of the franchise cited their ongoing legal dispute over WB’s decision to release the final Matrix film in theaters and on HBO Max (now Max) on the same day as a turning point in their financial struggle. With the partnership being the most lucrative business arrangement for the now-bankrupt company, Village Roadshow sued WB over the release under the pretense that the decision was a breach of their contract. Now the company has lost over $18 million in legal fees, with more to come.
A “Stalking Horse” Awaits Village Roadshow’s Library Assets
After rounds of layoffs, Village Roadshow is seemingly coming to its financial end due to the business struggle with giant media corporation, Warner Bros. The now-defunct production companies’ filing states how their partnership fell apart. While Village Roadshow had previously attempted to sell the company, the ongoing Warner Bros. arbitration seemingly dissuaded the buyer. With WB having all the power as a mega-corporation, Village Roadshow was seemingly snuffed out of The Matrix picture by the bigger dog in the fight.
“Even if the WB Arbitration is resolved, the Company believes that it has irreparably decimated the working relationship between WB and the Company, which has been the most lucrative nexus for the Company’s historic success in the entertainment industry.” – The filing, signed by Accordion Partners managing director Keith Maib, Village Roadshow’s restructuring advisor.
The company has listed its assets valued at $100 million to $500 million, and liabilities of $500 million to $1 billion, and has pre-selected a buyer. Most of the company’s value is in its library assets, which no doubt hold a lot of cinematic history. While the falling out between Village Roadshow and Warner Bros. is not especially surprising, it is a loss for the film industry as big companies continue to monopolize. Hopefully, there is still a chance that the production studio lives on in some form, even under a new banner.
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2025-03-17 21:13