In an effort to alleviate its financial burdens, Village Roadshow is proposing a sale of its extensive film library for approximately $365 million (£281 million). Court filings indicate that the company is burdened with debts estimated between $500 million and $1 billion.
The rocky relationship between Village Roadshow and WB began to deteriorate after the release of The Matrix Resurrections on HBO Max in early 2022. Village Roadshow has accused WB of excluding it from rights to sequels and prequels based on their past collaborations. Chief restructuring officer Keith Maib stated in court that the legal dispute has resulted in more than $18 million in unpaid legal fees, severely damaging their working partnership and eliminating what he termed "the most lucrative nexus" for Village Roadshow's success.
Additionally, Village Roadshow's foray into independent film production starting in 2018 has proven to be financially debilitating, as none of the projects yielded profits. Like many other film companies, Village Roadshow has faced challenges stemming from the pandemic, along with disruption due to strike actions initiated by Hollywood actors and writers in May 2023. Compounding its troubles, the Writers Guild of America prohibited its members from working with Village Roadshow amid allegations of unpaid contributions.
The rocky relationship between Village Roadshow and WB began to deteriorate after the release of The Matrix Resurrections on HBO Max in early 2022. Village Roadshow has accused WB of excluding it from rights to sequels and prequels based on their past collaborations. Chief restructuring officer Keith Maib stated in court that the legal dispute has resulted in more than $18 million in unpaid legal fees, severely damaging their working partnership and eliminating what he termed "the most lucrative nexus" for Village Roadshow's success.
Additionally, Village Roadshow's foray into independent film production starting in 2018 has proven to be financially debilitating, as none of the projects yielded profits. Like many other film companies, Village Roadshow has faced challenges stemming from the pandemic, along with disruption due to strike actions initiated by Hollywood actors and writers in May 2023. Compounding its troubles, the Writers Guild of America prohibited its members from working with Village Roadshow amid allegations of unpaid contributions.
