TERMINATOR rights go to Pacificor
The TERMINATOR drama continues and there seems to be no end in sight. Just last month it looked like Lionsgate would win the rights to the franchise with their $15 million bid. Then just a few days ago, Sony took the lead. But now Pacificor has come out of nowhere with the winning bid, beating out the combined efforts of Sony and Lionsgate, who had teamed up at the last minute.
The two studios went as high as $29.5 million to purchase the rights from the Halcyon Company, but, according to a source at Deadline Hollywood, gave up when they realized that Pacificor "was willing to pay almost any amount of money." What we're all wondering now is what this means for the future of TERMINATOR.
As you probably already realized, Pacificor has absolutely nothing to do with the entertainment industry. According to their website, they are "a registered investment adviser that manages several hedge funds focused on high yield debt." They became involved with Halcyon in 2007 when they gave Halcyon the money it required to purchase the TERMINATOR rights from producers Andy Vajna and Mario Kassar. Halcyon eventually went into bankrupty, owing money to Pacificor and other creditors. Apparently, the sale of the TERMINATOR rights wipes that debt clean. Confused yet?!
As it stands, Pacificor has the rights to any TERMINATOR movies, TV shows or spin-offs, with Halcyon receiving $5 million from each future movie and revenue streams from the last two films. So what does all this mean for TERMINATOR? I'm gonna guess not much. Pacificor is in the business of making money and it looks like that's exactly what they have in mind. According to Variety, they are "in talks with Sony and Lionsgate for the rights to the TERMINATOR franchise," and they'll probably sell them for a higher price than they paid. Then Sony or Lionsgate will probably make another crappy movie that spits in the face of the original mythology. If only Joss Whedon had an extra $30 million lying around.