Village roadshow to sue warner bros., Company

The unimpressive box office performance 'The Matrix Resurrections' has led Village Roadshow to sue Warner Bros. over its aggressive tactics to promote HBO Max.According to Variety, Village Roadshow has alleged that the studio sabotaged the theatrical release of 'The Matrix Resurrections' in order to drive subscribers to its OTT streaming platform.The lawsuit stems from Warner Bros.' controversial move to release its entire 2021 theatrical slate simultaneously on its streaming service, including 'Dune', 'The Suicide Squad' and 'King Richard'. The studio ended up paying out millions of dollars to profit participants to make up for lost box office revenue.Village Roadshow has a longstanding co-financing arrangement with the studio, which has included films like the 'Matrix' trilogy, 'Joker', and the 'Oceans' series. The suit alleges that Warner Bros. did not consult with or notify Village Roadshow before opting to put 'The Matrix Resurrections', the fourth instalment in the franchise, on HBO Max.The movie grossed just USD 148 million at the box office to date, which is a fraction of the gross reaped by the three previous films of the franchise. Warner Bros. has been accused in the suit of deliberately harming the film's box office to prop up HBO Max, at the expense of the future viability of the franchise."WB's strategy not only ensured that 'The Matrix Resurrections' would be a bust at the box office, but it also inflicted serious harm to the entire 'Matrix' franchise. There can be no doubt that the abysmal theatrical box office sales figures from 'The Matrix Resurrections' dilute the value of this tent pole franchise as a film's lack of profitability generally prevents studios from investing in additional sequels and derivative films in the near term," the suit alleged.Variety reported, Village Roadshow also argued that the simultaneous release also facilitated piracy, further cutting into the film's revenue potential. The suit stated that Warner Bros. made "acceptable accommodations" with the film's stars Keanu Reeves and Carrie-Anne Moss, and with director Lana Wachowski.It also states that Warner Bros. came to terms with Legendary, the co-financier of 'Dune', but "shut down negotiations with one of its longest-term relationships," that is, with Village Roadshow.To date, Village Roadshow has received nothing from the HBO Max release of 'The Matrix Resurrections', as per the suit. Village Roadshow notes that Warner Bros. delayed some of its wholly-owned projects, 'The Batman' and 'Black Adam', into 2022, and will be giving them exclusive theatrical releases.The suit also cites the success of the exclusive theatrical release of Sony and Disney's 'Spider-Man: No Way Home', arguing that Warner Bros.' simultaneous release strategy was not necessitated by the pandemic.Village Roadshow also claimed they cannot make its contractually obligated payment to Warner Bros., putting the company at risk of losing its rights to the film. They further alleged that Warner Bros. has also been seeking to deprive the company of its rights to other films, including 'Charlie and the Chocolate Factory' and 'Edge of Tomorrow'.Warner Bros., in a statement, said it had brought an arbitration case against Village Roadshow."This is a frivolous attempt by Village Roadshow to avoid their contractual commitment to participate in the arbitration that we commenced against them last week. We have no doubt that this case will be resolved in our favour," the studio said.According to Variety, Village Roadshow is seeking a declaration from the court that Warner Bros. breached its agreement. The company argues that its arbitration agreement does not preclude Village Roadshow from seeking non-monetary relief in court.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Village Roadshow To Sue Warner Bros.FOLLOW

Village roadshow to sue warner bros., Latest News

Since most of the buyers are depending upon loans from the banks and financial institutions, timely possession has become a critical factor in the realty sector. ...

BSE (560961) & NSE (VIKASECO) listed Vikas Ecotech Ltd. an emerging player in the global arena of the high end specialty chemicals players, offering eco-friendly and technologically superior products to the world has announced that on persistence and ...

Mumbai, March 19 'Bigg Boss 6' fame Karishma Kotak is all set to be part of director Shaad ... ...

TVS Motor Company registered sales of 281,714 units in February 2022 as against sales of 297,747 units in the month of February 2021. ...

New Delhi, Feb 18 InterGlobe Aviation's non-executive, non-independent director and co-founder Rakesh Gangwal on Friday tendered his resignation ... ...

India's leading omni-channel direct-to-consumer jewellery brand, CaratLane, recorded its best ever quarterly revenue of Rs 447 cr. on the back of a strong growth momentum witnessed in the festive season. CaratLane also recorded their highest EBIT mar ...

Delhi Based-StartUp, Taxfry incorporated in 2020 by aspiring Entrepreneurs - Rakesh Saini, Ankita Bansal, and Nidhi Bansal, Under the mentorship of CA Amit Bansal and CA Nitin Gupta making up Presence in Taxation, Accounting, and Compliance Industry. ...

The unimpressive box office performance 'The Matrix Resurrections' has led Village Roadshow to sue Warner Bros. over its aggressive tactics to promote HBO Max. ...