Banks Take Control of Hollywood Tiger & Bunny Film's Studio Global Road
posted on 2018-08-22 15:01 EDT by Jennifer Sherman
Screen Daily and The Hollywood Reporter reported on Tuesday that film studio Global Road Entertainment is now under the control of lenders. Global Road Entertainment is one of the partners for the proposed live-action Hollywood film adaptation of Sunrise's Tiger & Bunny anime.
Employees were informed of the development on Tuesday, but they were not told the names of the banks that now control the Hollywood studio. Thus far there have reportedly been no layoffs. The lenders have the option to sell, extend more credit to the company, or declare bankruptcy.
The Hollywood Reporter had reported last week that Tang Media Partners does not have funds to continue Global Road's operations beyond the end of the year.
Donald Tang founded Global Road Entertainment in 2017 as the consolidation of IM Global and Open Road Films under his Tang Media Partners company. Rob Friedman runs the company.
Global Road Entertainment announced at the Berlin International Film Festival in February that it planned to spend around US$1 billion on production over the next three years. Upcoming films include A.X.L., slated for this Friday, and The Silence, slated for December 7. The company pulled City of Lies, starring Johnny Depp, from its scheduled September 7 release date.
this article has been modified since it was originally posted; see change history