The Terminator movie rights were finally sold at auction today, and both Lionsgate and Sony were outbid by a hedgefund. Halycon sold Arnold and friends for $29.5 million, to their debtholders Pacificor — the same company Halycon sued for extortion.
Deadline Hollywood is reporting that when the auction ended last night a furious Sony and unhappy Lionsgate gave up after the final Pacificor bid for the Terminator movie and TV rights.
In exchange for the keys to Skynet, Halycon will receive $5 million for every Terminator movie made from now on, as well as some holdings in future revenues streams from Terminator 3 and Terminator 4. Interestingly enough another agreement was made that terminated the debt that Halycon owed Pacificor and the rest of their creditors. But all of this could change in bankruptcy court.
This all seems very strange when you go back and read the original lawsuit filed against Pacificor, wherein Halycon accused the fund of multiple things including trying to force the film Terminator Salvation over budget so that Halycon would default and Pacificor could purchase the rights. Which looks like what just happened. Also Halycon was asking for $30 mil in damages, while Terminator sold for around $29.5 million.
Still, this all will have to be sorted out in court. But since the studios lost rights to the franchise in the auction, does this just mean even more time until another stab is taken at a Terminator film? We can only assume that everything will be put on hold until all the legal details are ironed out. Plus, you have to imagine that other studios might be exceedingly nervous about getting involved in this sticky situation anytime soon, so it may be many years until we see another Terminator.