Is Village Roadshow about to take a significant detour?
The longstanding content material co-financier and co-producer is struggling money stream points, a number of sources instructed Selection, forcing the store into unhealthy standing with the Author’s Guild of America and provoking whispers about its viability in present enterprise.
Majority owned by Vine Various Investments, the corporate behind useful library titles like “Joker”.
“The Matrix” and Steven Soderbergh’s “Ocean’s” franchise received a shot within the arm in 2018 when well-liked trade vet Steve Mosko took over operations. Rebranded as Village Roadshow Leisure Group, Vine’s money kicked off a renewed sense of objective internally – and ginned up its relationship with Warner Bros. Photos.
However after main market contractions because of the 2023 Hollywood labor strikes, the battle appears to be actual for VREG. The agency has excellent funds owed to union writers on its tasks, and “a cease work order is imminent if they don’t do what’s mandatory,” a spokesperson for the WGA instructed Selection.
Particular writers and tasks excellent weren’t instantly clear. Sources near VREG stated the corporate stays afloat, however three people attributed the IOU to liquidity issues at Vine Investments. In July, Vine accomplished an enormous sale of a few of its legacy leisure property — a parcel that features the music catalogue of hitmaker Calvin Harris — to Shamrock Capital in deal value a reported $2.4 billion.
Two people conversant in the corporate stated a number of suitors have been in discussions to amass Vine’s stake in VREG as an entire. One of many sources maintained that the deal was not a “fireplace sale,” and potential patrons are excited about maximizing the 100-plus library titles and the artistic expertise in place.
A Village Roadshow Leisure Group spokesperson had no touch upon the matter. A spokesperson for Vine didn’t instantly return Selection’s request for remark.
In October, reviews stated VREG had laid off a small variety of staffers, principally center administration. Selection has confirmed that others have left since, however main division leads stay, together with heads of movie and scripted and unscripted tv. Phrase throughout city via the Thanksgiving vacation stated Mosko may lower his losses, however sources stated the manager will stay in place to serve his group and their improvement slate.
VREG additionally stays locked in a contentious arbitration battle with Warner Bros. over the concurrent launch of “The Matrix Resurrections.” That movie, and quite a few different high-profile titles, had been pushed on streaming the identical day as theatrical launch in 2021 due to the COVID-19 pandemic. Whereas one supply stated the authorized motion is ongoing, the litigation shouldn’t be creating any prohibitive monetary misery for VREG.
