**Village Roadshow Entertainment Group Files for Bankruptcy Amid Legal and Financial Struggles**

**Village Roadshow Entertainment Group, known for iconic film franchises like The Matrix and Joker, has filed for bankruptcy protection, citing significant financial challenges stemming from a legal dispute with Warner Bros and unsuccessful independent film projects.**

Village Roadshow Entertainment Group, renowned for its involvement in blockbuster franchises such as The Matrix, Joker, and Ocean's film series, has filed for bankruptcy protection in the United States, according to a legal submission in Delaware. The company attributes its financial woes to an ongoing legal dispute with former partner Warner Bros (WB) and a costly attempt to venture into independent film and television production.

To alleviate the financial strain, Village Roadshow is seeking to auction off its extensive film library for a staggering $365 million (£281 million). Court filings suggest that the company’s liabilities range between $500 million and $1 billion.

Historically, Village Roadshow and WB collaborated on numerous successful films, but their partnership began to deteriorate in early 2022, following the release of The Matrix Resurrections on HBO Max. Village Roadshow claims that WB has excluded it from rights to sequels and prequels for the franchises they co-own. Chief Restructuring Officer Keith Maib highlighted in court papers that the arbitration process with WB has resulted in over $18 million in unpaid legal fees, deeming it detrimental to their longstanding partnership.

Furthermore, Village Roadshow faced challenges when it attempted to pivot towards independent filmmaking, launching a studio division in 2018 that failed to produce profitable outcomes. The company, similar to many in the film industry, has also been affected by decreased consumer demand during the pandemic and the ongoing Hollywood strikes, which have disrupted productions.

The Writers Guild of America, in December, imposed restrictions on its members, prohibiting them from collaborating with Village Roadshow, citing the firm’s failure to fulfill payment obligations to writers and contributors. As the company navigates this complex financial landscape, its future remains uncertain.