June 30, 2016  

Warner Bros. Extends Finance Deal With Village Roadshow Through 2017

November 27, 2012 (2:39 am) GMT
The film finance deal marks the highest profile business agreement WB has made amid tension on who's going to replace Barry Meyer as the studio's leader in 2013.

Warner Bros. Pictures has renewed its movie finance deal with longtime partner Village Roadshow Pictures. It was confirmed on Monday, November 26 that the Burbank studio had extended the business deal with the company it worked with since 1997 through the end of 2017. The previous contract had been set to expire in 2014.

Per L.A. Times, Village Roadshow has secured debt financing of more than $1.1 billion to invest in such upcoming films as "", "Lego: The Piece of Resistance" and "". The company's Chairman Bruce Berman said of the renewed deal, "This gives us the certainty we want and lets Warner Bros. know that over the next five years, its largest partners will remain at home."

Under the renewed deal, Village Roadshow decided to increase the amount of money to finance movies from $1 billion to $1.125 billion. According to Village Roadshow's Chief Executive Greg Basser, with the new financial agreement, the company was also able to significantly reduce the cost of its debt.

WB and Village Roadshow's deal extension marks the highest profile business deal that the Burbank studio sealed amid speculations on who's going to replace Barry Meyer as its leader in 2013. The tension inside the studio, in which its senior executives are racing to win the coveted job, had made it difficult for the studio to seal some business contracts recently.

While Warners decided to extend its contract with Village Roadshow, insiders told L.A. Times that the studio would likely not renew its deal with its other financing partner, Legendary Pictures, until the executive succession process is resolved.

After closing the new deal, Village Roadshow plans to invest in six to eight movies a year for Warner Bros. Among the upcoming films the company is financing are 's "All You Need Is Kill" and 's "".

TODAY'S HEADLINES

  1. Louis Tomlinson Files for Joint Custody of His Son With Briana Jungwirth
  2. Iggy Azalea Addresses Nick Young Baby Rumor, Reveals She Caught Him Cheating on Camera
  3. 'Ghostbusters' Cast Show Off the New Gadgets in Latest Featurette
  4. HBO Officially Confirms Jon Snow's True Parentage With This 'Game of Thrones' Infographic
  5. New 'Star Trek Beyond' Character Poster Shows Jaylah on Cap's Chair
  6. Lady GaGa and Taylor Kinney's Wedding Plan Reportedly Shelved Because of This
  7. Taylor Swift and Tom Hiddleston Make Out in Rome, Fans Say Their Romance Is 'Staged'
  8. Watch James Van Der Beek Channel Diplo to Promote Mad Decent Block Party