NEW YORK (Reuters) - The rights to the "Terminator" science-fiction action movie franchise have been won by a California-based hedge fund in a bankruptcy auction, a source familiar with the matter said on Tuesday.
In the Monday auction, Pacificor LLC offered bankrupt Halcyon Holding Group $29.5 million for the rights, plus an additional $5 million for every new "Terminator" movie made, said the source, who declined to be named, noting the agreement still requires court approval.
Pacificor, based in Santa Barbara, beat out a joint offer from movie studios Lionsgate and Sony Pictures. It was not immediately clear how much Lionsgate and Sony Pictures offered.
Representatives for Halcyon and Pacificor did not return calls seeking comment.
The "Terminator" movies depict battles between futuristic machines that try to destroy the human race, and the humans who oppose them.
If the deal is approved, Pacificor will have rights to the revenue from future films, games, DVDs and television from the franchise.
Halcyon will keep the revenue streams from the third and fourth "Terminator" movies, worth more than $10 million, the source said.
A hearing on the deal will be held on Wednesday at a California bankruptcy court.
"It is entirely possibly that Sony and Lionsgate could object," said the source. "At the end of the day, the judge's concern is what is best for Halcyon's creditors, and if Sony can argue their bid is worth more, maybe the judge will change his mind. But usually that doesn't happen."
The case is In re: Halcyon Holding Group LLC, U.S. Bankruptcy Court, Central District of California, No. 09-31854.
(Reporting by Chelsea Emery; editing by John Wallace)
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