Tuesday, 28 June 2016
Last updated 4 hours ago
May 28 2010 | 10:28am ET
The hedge fund that won the rights to “The Terminator” action movie franchise in February is moving forward with plans to unload the asset.
Pacificor has hired William Morris Endeavor Entertainment to represent the rights, the two sides said on Thursday. The Santa Barbara, Calif.-based hedge fund entrusted the rights to WME in March, after talks with Sony Pictures and Lions Gate Entertainment—the losers of the controversial auction—fell apart.
In February, the hedge fund also hired a law firm, Latham & Watkins, to handle inquiries about the “Terminator” rights.
WME is reportedly looking for a studio or producer willing to make the fifth movie in the “Terminator” series.
Pacificor won the “Terminator” rights with a $29.5 million credit bid. The former owners of the franchise had bought the rights with a $30 million loan from the hedge fund, and the hedge fund claimed the former owners owed it some $38 million.