Pacificor hires agency to sell "Terminator" rights

Thu May 27, 2010 1:52pm EDT
 
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LOS ANGELES (Reuters) - California hedge fund Pacificor on Thursday said it retained the William Morris Endeavor agency to represent it in the sale of all rights to the "Terminator" franchise.

Included are rights to exploit the property for film, television, merchandise and online games.

In addition, William Morris Endeavor will help Pacificor to select and retain key talent for the next sequel.

A U.S. bankruptcy judge in February ruled that the movie franchise could be sold to Pacificor, ending months of speculation after its former owner Halcyon Holding collapsed into bankruptcy in August.

Pacificor, Halcyon's largest creditor in the bankruptcy, made a winning "credit bid" of $29.5 million to buy the franchise and promised to pay another $5 million to Halcyon's bankruptcy estate for each future "Terminator" sequel.

The judge overruled an objection from Sony Corp' Columbia Pictures and Lions Gate Entertainment Corp which had claimed the auction process was unfair after their joint $35.6 million bid for the franchise was not selected. The studios had also promised to pay the estate an additional $2 million for each of the sixth and seventh "Terminator" sequels, but no money for the fifth sequel.

Halcyon Holding bought the Terminator franchise in 2007 for about $25 million and produced "Terminator Salvation," which took in about $371 million in worldwide box office returns last year.

(Reporting by Sue Zeidler. Editing by Robert MacMillan.)