They’re going to fund this by selling their film library.
Could this lead to Blu-ray versions of some of their films that haven’t been given proper Blu-ray releases at all? I’m talking about under-appreciated films like Bandslam and City of Ember.
Apparently this is a normal thing that studios do to raise funds. Walden Media has 46 films up for sale, and has identified several interested buyers. The auction will not include any of their upcoming projects.
“Like other film companies, we often receive interest in our library,” the company said in a statement to Variety. “As part of the rejuvenation of Walden Media, we are exploring the market and plan on re-investing into building our growing slate which already includes ‘Everest’ with Universal Pictures and Steven Spielberg’s ‘The BFG’ with DreamWorks and Disney.”
Other upcoming Walden productions include DreamWorks’ “A Dog’s Purpose,”“Happy Krampus!,” a co-production with Jim Henson Co., and “A Babysitter’s Guide to Monsters,” a children’s book adaptation.