Warner Bros. heads for split from 8-year-long partner Legendary Pictures
Eight years ago a movie partnership happened between Legendary Pictures and Warner Bros. as co-financers and it has been one of the most successful ones in the history of cinema. But the partnership has broken off as the deal has not been renewed by either side for further co-production and co-financing arrangements.
After the negotiation was first settled in 2005, Legendary was looking to renew the deal with Warner Bros. while taking part in discussions with other studios simultaneously. Legendary has been engaged in talks with Universal and Sony as well. On Monday both the partners declined to comment on the present status of their negotiations. After enjoying a very strong and profitable partnership from films like Batman Begins, The Dark Knight, Man of Steel and The Hangover, at this point of time both the parties have different agendas on their mind. In certain movies Legendary has been increasing the percentage of their ownership like Pacific Rim and 300: Rise of an Empire. They have also solely financed some projects like 42 and of the upcoming The Seventh Son and they are heading towards major expansion schemes.
They are now owners of own movie projects like Warcraft and Hot Wheels which will be made with budgets over $100 million each. Legendary founder and CEO Thomas Tull is no more content as a producer and financier only but he is also willing to become the head of script-writing and marketing departments as well. On the other hand Warner Bros. is also looking forward to become the sole owner of their future projects rather than sharing the revenue. Warner Bros. has still a co-financer, Village Roadshow. Following the shifting of Jeff Robinov as head of movie production for Warner Bros. to the head of TV operations at Legendary, the news has come out final that the pact would not be renewed anymore. After a discussion between Warner Bros.' new chairman, Kevin Tsujihara and Tull, no agreement could be reached. The split was awaited since a long time now, especially in the case of Legendary.