Rights owner Megan Ellison and Arnold Schwarzenegger have set Terminator 5 to begin production the fourth quarter of 2012, which has forced director Justin Lin to drop out because of his previous commitment to Fast & Furious 6. Terminator 5 is one of two Terminator franchise films the trio planned to make together.
Megan Ellison's Annapurna Films spent over $20 million to buy film rights during the Cannes Film Festival, with Justin Lin and Arnold Schwarzenegger attached. There is, however, no script or anything in hand, so delaying the project for Justin Lin might not be out of the question.
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However, certain rights revert back to James Cameron due to a stipulation in copyright law that if you assign your rights, you get them back in 35 years. James Cameron assigned his rights to Hemdale, and the North American rights will revert back to him in 2018.