Village Roadshow Entertainment Group files for bankruptcy

Village Roadshow Entertainment Group, the film production company behind franchises such as The Matrix, the Joker and Ocean's has filed for bankruptcy protection in the US.

The firm has blamed its financial troubles on a legal battle with its former partner Warner Bros (WB) and a "failed and costly endeavour" into the production of independent films and television series.

In a bid to mitigate some of its financial problems, Village Roadshow is proposing to sell its extensive film library for US$365 million.

The company's debts are estimated to be between US$500 million and $1 billion, according to the court documents.

Village RoadShow and WB produced and co-owned dozens of films over the years but their relationship soured in early 2022 after the release of the latest Matrix film - The Matrix Resurrections - on the streaming platform HBO Max.

[Source: BBC]