Most celebrated distributor Morgan Creek has his classics from the 80’s and 90’s up for sale, while Warner Bros. is allegedly open to undertake reboot “Ace Ventura: Pet Detective” and “Major League.”
Morgan Creek Productions is selling domestic rights of their nostalgia filled property of 78 films to its library, which include comedy classic such as “Major Leauge,” “Ace Ventura: Pet Detective,” “The Exorcist” and many more classic from 1988 to 2011, while they have hired investment banking group Houlihan Lokey to handle the sale, confirms The Hollywood Reporters.
Though nothing specific is known about the remake of these three movies, Jim Robinson, CEO of the studio has confirmed that all the three are being counted for vital progress. It seems like this is an astute business policy, which Morgan Creek is taking up by, and is not out of despair. Well, you see the studio needs money to get back in production business, while the last film they produced was in 2011.
Robinson, recently revealed that all the proceeds from the 78 film sale will be used to fund future works of the studio, which is now producing “Tupac” biopic slated to enter production in December or January.
While speaking to Deadline, Robinson said, “I’m selling the library strictly for economic reasons, it will go back into the company to fund more production. We have a number of properties that we are looking to move forward on”
But Morgan Creek is not selling all of their rights. They are retaining right to remakes and TV rights to various properties, while they can possibly remake “Ace Ventura: Pet Detective” for the big screen and on the TV front, “Exorcist,” “Minor League,” “Dead Ringers,” “Nightbreed” and others.
In October 2014, the company sold its worldwide distribution rights to Revolution Studios, which was jointly co-founded by Joe Roth and Jim Robinson, then again sold it to Fortress Investment Group and made a deal worth $36.75 million for 64 titles. But the company had the domestic rights, which are being sold off now.
Photo Source: Facebook/Ace Ventura: Pet Detective