Gerard Butler’s disaster thriller Greenland ended up becoming one of the pandemic’s early sleeper hits, not to mention one of the very few releases from the summer of 2020 to recoup its budget and then some at the box office, topping out with a $52 million haul on production costs of $35 million.
It was on VOD and streaming where Ric Roman Waugh’s fast-paced family story about the end of the world really caught fire, though, with Greenland having spent weeks as one of the most popular titles on both Prime Video and Netflix, ensuring that any potential sequels would be viewed as a hot commodity.
That’s exactly what happened, after Greenland: Migration ended up selling for a whopping $75 million. However, things may have hit a snag, now that Variety has revealed studio STX Entertainment placed the subsidiary company that holds the rights to the property into Chapter 11 bankruptcy.
As per the filing, STX is asking for the time to pay its creditors and secure the capital to finance Migration, listing the value of the rights at $50 million, along with liabilities of up to $500 million. The report outlines that the second installment isn’t in danger, but it was done as more of a strategic move to prevent any rivals from swooping in to take charge of the film.
There’s no word of a start date for Greenland: Migration to get in front of cameras as of yet, so this might be one worth keeping an eye on.
