The Los Angeles Times reports that Lionsgate’s bid of $15 million in cash plus 5% of gross receipts from any future movies makes the studio the top bidder to buy the “Terminator” franchise rights from the Halcyon Group.
In a federal bankruptcy court filing today, Halcyon Group, the company owned by producers Derek Anderson and Victor Kubicek, named Lionsgate the “stalking horse” bidder for the rights. The duo put the franchise up for sale in September to raise cash to work their way out of Chapter 11 reorganization.
The designation of stalking horse means any other company that wants to bid against Lionsgate has to offer at least $750,000 more. The deadline for competitive bids is February 5th. A new owner of the “Terminator” rights will be determined by the bankruptcy court at a hearing on February 10th.
Sony Pictures and Warner Bros., which distributed Terminator Salvation, were interested in acquiring the rights as well.