UPDATE: The exclusive negotiating window for Sony and Lionsgate has ended. The studios made their offer but are no longer in active talks.
9:05 AM EXCLUSIVE: In its first move since acquiring rights to The Terminator franchise from bankruptcy court, Pacifor LLC has hired Latham & Watkins LLP to handle all rights inquiries on the franchise. The Santa Barbara-based hedge fund won the rights for a $29.5 million bid, and a commitment of $5 million for each of three produced films. That deal was approved last Wednesday by Los Angeles Bankruptcy Judge Ernest M. Robles. Since Pacificor beat out a tag-team bid made by Sony’s Worldwide Acquisitions unit and Lionsgate, those studios secured an exclusive negotiating window from Pacificor. No other studios posted the $16M minimum to get into the final round of bidding — but that doesn’t mean other filmmakers won’t be enticed by a brand-named franchise. According to Pacificor reps, the hedge fund has been contacted by numerous studios, producers, financiers and agents interested in the rights. That prompted Pacificor to designate Latham partners Wayne Flick and Russell Sauer Jr as the point men on the deal.
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