Terminator 5, which is set to be directed by Justin Lin and stars Arnold Schwarzenegger, has found itself in the middle of a bidding war between Lionsgate and Megan Ellison's Annapurna Films.

It isn't quite clear yet where this proposed reboot will land. It looked like it was Lionsgate's project to ruin after the studio offered an upfront payment of $29.5 million to current title owners Pacificor, which would have been half of what they spent to original acquire the property. Megan Ellison came in late with a higher bid. The two studios are now fighting it out.

The deal will be closed shortly, and according to Deadline, when this happens, Terminator 5 will move onto the Cannes Marketplace, where Arnold Schwarzenegger already has two other films in play: Last Stand and Cry Macho.

B. Alan Orange