The companies behind hits like “The Matrix” and “Ocean’s Eleven” have filed for bankruptcy, the latest domino to fall into the struggling Hollywood industry.
The Los Angeles Times reports that “The Joker” is also reported by Village Roadshow Entertainment in West Hollywood, which filed for Chapter 11 bankruptcy on Monday.
Village Roadshow also admitted that it “denounced the continued legal battle for its collapse with its long-time partner Warner Bros.”, but also accused that “the pandemic has exacerbated the financial disaster by achieving independent films and television productions before it was unprofitable.”
The problem is that some companies argue that it is an illegal practice for companies streaming companies that have big films on their platforms without offering a full theatrical release.
Scarlett Johansson’s lawsuit against Disney over the streaming of “Black Widow” is perhaps the most prominent case, but Village Roadshow claims a similar situation to its sequel, “The Matrix Resurrection.”
In this case, Village Roadshow’s latest “Matrix” film is fulfilling the box office revenue, according to Hollywood Reporter.
When the “resurrection” lawsuit was filed three years ago, Warner Bros. said in a statement that it was “a frivolous attempt to avoid the contractual commitment to join the arbitration that we launched against them last week.”
“There is no doubt that this case will be resolved in our favour,” the statement added.
However, at this point, it is unclear whether the lawsuit will be completed, as Village Roadshow owes at around $18 million in attorneys’ fees for the case alone.
“Even if WB’s arbitration was resolved, the company believes it irreparably hampered the work relationship between WB and the company, the most favourable ties for the company’s historic success in the entertainment industry,” Village Roadshow said in a filing.
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