As a seasoned gamer who’s seen more Hollywood blockbusters than I can count on my fingers, it’s always intriguing to witness the behind-the-scenes drama of these production giants. The latest tussle between Village Roadshow and Warner Bros. feels like a modern-day Matrix sequel, with corporate jargon replacing kung fu moves and arbitration replacing the Keymaker.
The production and financing firm, Village Roadshow Entertainment Group – known for supporting blockbusters like the Matrix and Ocean’s series – is implementing a minor wave of job cuts.
Under the guidance of CEO Steve Mosko, the company has recently dismissed eight employees from various departments such as business affairs, administration, film, and TV, according to reports by The Hollywood Reporter. These layoffs come at a time when the company is considering different strategic moves, including the possibility of bringing in additional investors.
In terms of business deals this year, Village Roadshow has remained fairly inactive. This production company, known for creating over 90 films with Warner Bros., such as Mad Max: Fury Road, Joker, and Charlie and the Chocolate Factory, has been involved in a legal dispute with the studio since filing a lawsuit in February 2022, which they have been sorting out through arbitration.
During that period, Village Roadshow argued that Warners undervalued the Matrix series by simultaneously releasing Resurrections on their streaming service Max during the COVID-19 pandemic, instead of providing it with an exclusive theatrical release. (The film earned a total of $157 million worldwide.)
According to a representative from Village Roadshow, Warner Bros consented to let their affiliated company broadcast one of Village Roadshow’s major films simultaneously with its theater premiere, without earning extra revenue. This was supposedly done so the sister company could gain more subscribers and subscription income, while also benefiting Warner Bros by raising their parent company’s stock value.
In a follow-up court document, the company asserted that it had been excluded from participating financially on numerous film projects in production, which it co-owned the rights to, such as Sherlock Holmes, Edge of Tomorrow, Ready Player One, I Am Legend, and Where the Wild Things Are. Following several months, a judge decided to transfer the case to arbitration in May 2022.
In the midst of a legal dispute, Warner Bros. launched the “Furiosa” prequel to “Mad Max: Fury Road” in May, without involving Village Roadshow. The movie made $173 million at the box office. Interestingly, Warner Bros., which has been under the ownership of asset manager Vine Alternative Investments since 2017, also chose not to participate in the sequel to “Joker” titled “Folie à Deux,” set to hit theaters this week.
Borys Kit contributed to this report.
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2024-10-02 23:24