Vajna Wins ‘Terminator’ Rights Bid

Producer Andrew G. Vajna on Tuesday agreed to pay $8 million for one-half of the rights to any “Terminator 3” sequel to the successful action franchise, outbidding Walt Disney Co.’s Miramax unit.

Vajna, who made the bid during a hearing in U.S. Bankruptcy Court in Los Angeles, obtained the rights held by a liquidating trust for Carolco Pictures, the defunct production company that produced the hit “Terminator 2: Judgment Day.”

Carolco’s assets are being sold off through court procedures.

Vajna earlier bid $7.5 million, and Tuesday’s hearing was to give other potential bidders the chance to outbid him. The bidding had been delayed by an objection by “Terminator” producer Gale Anne Hurd, owner of the other half of the rights. She had sought to have the bidders limited to major studios, but dropped that objection after being assured that she retains the right to approve any project.

Miramax, represented by co-head Bob Weinstein and a legal team, dropped out after two bids pushed the price to $8 million. at which point it became clear Vajna’s lawyers would match any bid.

Under the bidding procedures, Vajna had the right to match any bid and would be declared the winner in the event of a tie because of his earlier bid.

It is unclear if anyone can reassemble the team that made the first “Terminator” films so successful.

Arnold Schwarzenegger has shown interest, but it is uncertain if he would do the film without director James Cameron, who reportedly is not interested in doing the film.