In a story from Variety, Sony is going up against Lionsgate as they bid for the Terminator franchise.

The studio is keeping mum but a source close to the bidding has confirmed that Sony put in a bid Thursday. This was the final day for submitting offers.

Lionsgate came in last month as the first bidder for the rights to the franchise. They offered $15 million and a 5% cut of future gross receipts.

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Halcyon Group made the franchise available in September. The auction for all Terminator assets, which encompass the rights to future Terminator films, TV series, DVDs and merchandise, is going to be held Monday at the offices of FTI Consulting in Los Angeles. Two days later there will be a bankruptcy court hearing.

If Lionsgate doesn't get the franchise, it will take in $750,000 as a breakup fee from whoever wins.

Halcyon bought the Terminator rights from Mario Kassar in 2007. They then "filed for Chapter 11 as a result of a dispute with hedge fund Pacificor, which financed the purchase."

Evan Jacobs at Movieweb
Evan Jacobs