Bron Studios, the Canadian production and financing company, has filed for bankruptcy. The company filed for Chapter 15 bankruptcy in the United States as well as protection from creditors in Canada.
The company is known for co-financing on projects such as Joker, the Oscar-winning pic that amassed $1.1 billion at the worldwide box office, and Paul Thomas Anderson’s Licorice Pizza, and had relationships with talent such as Charlize Theron and Jason Reitman. Rumors of financial stresses at the company had swirled for months, and in a letter released Wednesday, the company cited headwinds within the industry.
“Having explored many options for many months, Bron had no choice but to take this step in light of its financial circumstances,” wrote CEO Aaron L. Gilbert. “The last few years have been incredibly difficult for Bron, and things have only gotten more complicated over these past months. Covid and the many other issues affecting the media industry the last few years, most recently the strikes, have made Bron’s ability to continue its existing business impossible.”
The pandemic was especially tough on Bron. Also, the company’s co-financing slate deals with Warner Bros. and MGM came to an end.
One source says Bron’s filing is a blow for the business since the company put up money for projects others were nervous about. “Sadly, this was inevitable,” says the source.
Projects in recent years included the Oscar-winning Judas and the Black Messiah, Bombshell, Queen & Slim and Aretha Franklin biopic Respect.
All told, the various films financed and/or produced by Bron through the years garnered a total of 30 Oscar nominations and six wins.