There was a bidding war for the rights to Terminator that lasted from 3 pm until 8 pm yesterday.
According to Deadline, all three top bidders, Lionsgate, Pacificor, and Sony, were desperate for the franchise.
Privately funded Halcyon Co only had to sell it because they were forced to; they are currently in bankruptcy court.
“We’re going to fight one hell of a fight,” a Lionsgate insider told Deadline. They even teamed up with Sony in the second round to take down Pacificor.
But Pacificor had an edge over the rest.
Turns out, the California-based hedge fund lent Halcyon $30 million to buy the rights to the Terminator series in 2007. Pacificor since forced Halcyon into bankruptcy court.
But the deal will be great for them. As part of their Terminator purchase, Pacificor is erasing Halcyon’s debt as well as paying off Halcyon’s other creditors.
Halcyon will receive $5 million for every Terminator movie made from now on, as well as retains the rich revenue streams from the movies Terminator 3 and 4.
Of course, the deal is subject to approval by the bankruptcy court. It will be presented to the judge at a hearing on Thursday.
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