MGM has lost the rights to its Tomb Raider film franchise, which is based on the popular video game series of the same name, TheWrap is reporting. As a result, other Hollywood movie studios have begun a bidding war for the franchise’s film rights.
MGM had until this past May to greenlight a sequel to its 2018 movie adaptation of the Tomb Raider video game series, which starred Alicia Vikander as the franchise’s protagonist, Lara Croft. However, the studio was unable to officially greenlight a follow-up film before the deadline, and as a result, its rights were vacated.
At one point, MGM had attached Lovecraft Country showrunner Misha Green to write and direct the sequel, but the project ultimately failed to move forward.
Therefore, the next installment in the movie series will reportedly be a complete reboot. The Oscar-winning Vikander is no longer attached to the franchise, and there haven’t been any casting announcements made yet for the upcoming film.
Norwegian filmmaker Roar Uthaug, who previously garnered international fame with his acclaimed 2015 disaster movie, The Wave, helmed Tomb Raider. But, like Vikander, he’s not expected to return for the franchise’s upcoming reboot. There have also not been any announcements made yet about who will take over the directorial duties on the series’ next film.
The 2018 movie, which earned nearly $275 million at the global box office but received mixed reviews, is the second feature adaptation of the popular game series. The games were initially adapted into a pair of films that were released in 2001 and 2003 and starred fellow Academy Award-winning actress, Angelina Jolie.
The two movies grossed 2 million worldwide.
Producer Graham King and his GK Films banner acquired the rights to Tomb Raider in 2011 from Square Enix, and is considering the offers it’s receiving from studios.
In May, Embracer acquired Tomb Raider‘s game developer, Crystal Dynamics, and all corresponding IP from Square Enix in a $300 million deal. Embracer’s CEO, Lars Wingefors said he sees “great potential, not only in sequels, but also in remakes, remasters, spinoffs as well as transmedia projects for Tomb Raider.”
Despite MGM losing the franchise’s movie rights, Netflix is still working on an animated television adaptation. However, the show, which will be set after the game’s trilogy reboot that ended with 2018’s Shadow of the Tomb Raider, still doesn’t have an official release date.