Australia-based theme park operator Village Roadshow Group is “not impacted” by Village Roadshow Entertainment Group’s bankruptcy filing in the US.
Village Roadshow Group has released a statement following reports that Village Roadshow Entertainment Group (VREG) has filed for Chapter 11 bankruptcy
LA-based Village Roadshow Entertainment Group (VREG) is “completely separate” from Village Roadshow Group, the Australian company said.
VREG “completely separate” from Australian company
VREG is an American film production company behind franchises like The Matrix, Joker and Ocean’s.
Village Roadshow Group was formed in 1954 and includes Village Roadshow Theme Parks, Roadshow Distributors, Roadshow Productions, Village Roadshow Studios and Village Cinemas.
All of these divisions “continue to be market leaders in their sectors and highly profitable”, the company added.
Village Roadshow Group holds less than 3 percent in Village Roadshow Entertainment Group. It has had no strategic or operational control, management oversight, or financial responsibility for VREG since 2017.
Via the BBC, VREG has blamed its financial troubles on a legal battle with its former partner Warner Bros.
In the statement, Village Roadshow Group said its “nearly 50-year relationship with Warner Bros. remains as strong as ever and is not impacted”.
Clark Kirby, CEO of Village Roadshow Group, said: “As former owners of VREG, we are extremely disappointed to read in the press that VREG has filed for Chapter 11 bankruptcy in the USA and I have immediately sent notice to terminate VREG’s use of the Village Roadshow name.
“During Village Roadshow Group’s ownership, VREG had been a successful business producing legacy films.
“To be clear, VREG is completely separate from the Australia-based Village Roadshow Group.”
Relationship with WB “as strong as ever”
Kirby added, “Any financial issues that VREG are having are completely separate to the Village Roadshow Group.”
Village Roadshow Group operates Australian theme parks including Warner Bros. Movie World and Sea World.
In December, Warner Bros. Movie World opened the world’s first Wizard of Oz-themed land, a multimillion-dollar attraction with two new family coasters.
Images courtesy of Village Roadshow Group
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