Islamabad/Delaware, March 18: Village Roadshow Entertainment Group, the company behind iconic film franchises like The Matrix, Ocean’s Eleven, and Joker, has filed for bankruptcy protection in the US.
The company’s financial difficulties were outlined in a filing with a Delaware court, with Village Roadshow citing a legal battle with Warner Bros (WB) and a “failed and costly” foray into independent film and TV production as the main causes of its troubles.
To address its mounting debts, which are estimated between $500 million and $1 billion, Village Roadshow is proposing to sell its extensive film library for $365 million (£281 million).
The company’s struggles were further exacerbated by its strained relationship with WB, which soured following the release of The Matrix Resurrections on WB’s HBO Max in 2022.
Village Roadshow claims WB excluded it from rights to sequels and prequels of the films they had co-produced.
Village Roadshow, Warner Bros Clash
The company has also faced significant legal costs, with over $18 million in unpaid legal fees resulting from arbitration with WB, which Village Roadshow says has “irreparably decimated” their once lucrative partnership.
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Additionally, a studio business launched in 2018 aimed at producing independent films and TV series has not yielded any profitable returns.
The company, like many in the industry, also suffered from the impacts of the COVID-19 pandemic and the 2023 Hollywood writers and actors strike, which led to a drop in production activity.
In a further blow, the Writers Guild of America banned its members from working with Village Roadshow in December 2024 due to the company’s alleged failure to compensate its contributors.
These combined factors have left Village Roadshow struggling to maintain its position in the competitive film industry.
Major Hits by Village Roadshow Entertainment Group
Village Roadshow Entertainment Group is known for producing and co-producing some of the biggest and most iconic films in Hollywood. Some of its major hit movies include:
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The Matrix Trilogy (1999-2003)
The Matrix series, created by the Wachowski siblings, became a groundbreaking science fiction franchise. The first film, The Matrix (1999), became a cultural phenomenon and won four Academy Awards, with its sequels, The Matrix Reloaded (2003) and The Matrix Revolutions (2003), continuing the story and expanding its impact.
1- The Lego Movie (2014)
The Lego Movie was a surprise hit, earning critical acclaim for its humor, creativity, and animation style. It grossed over $468 million worldwide, leading to sequels and spinoffs, including The Lego Batman Movie (2017) and The Lego Movie 2: The Second Part (2019).
2- Ocean’s Eleven (2001)
Ocean’s Eleven was a major success, with a star-studded cast led by George Clooney, Brad Pitt, and Matt Damon. Directed by Steven Soderbergh, it grossed over $450 million worldwide, leading to a successful franchise with sequels Ocean’s Twelve (2004) and Ocean’s Thirteen (2007), as well as a spinoff, Ocean’s 8 (2018).
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3- Joker (2019)
Joker, directed by Todd Phillips and starring Joaquin Phoenix, became one of the highest-grossing R-rated films of all time, earning over $1 billion worldwide. The film was praised for its dark, gritty take on the iconic DC villain and won multiple awards, including an Academy Award for Best Actor (Phoenix).
4- Mad Max: Fury Road (2015)
While Village Roadshow was not the sole producer of this film, Mad Max: Fury Road, directed by George Miller, was a major success for the company. The film was a critical and commercial hit, grossing over $375 million worldwide and winning six Academy Awards, including Best Film Editing and Best Production Design.
5- The Matrix Resurrections (2021)
While not as commercially successful as the original trilogy, The Matrix Resurrections (2021) marked the return of the Matrix franchise after nearly two decades. Although it faced mixed reviews, it was a highly anticipated continuation of the beloved sci-fi series.
These films are just a few examples of Village Roadshow’s prominent contributions to the film industry over the years. The company has been involved in the production of several other successful films across various genres.
