Warner Bros. Tries Final Bid to Beat Alcon for ‘Matrix’ Assets

Warner Bros. made a last-minute addition of $1 million to its offer for the derivative rights of Village Roadshow, even as the bankrupt studio behind the “Matrix” saga continues to pursue a proposed sale to Alcon Media Group.

Village Roadshow’s attorney, Justin R. Bernbrock of Sheppard Mullin Richter & Hampton, said at a sale hearing Monday in the US Bankruptcy Court for the District of Delaware that he believes the updated offer, which came late Sunday and raises the cash portion of Warner Bros.’ bid to $19.5 million, was insufficient to justify exercising a fiduciary out by shifting the sale ...