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Megan Ellison’s Annapurna Pictures Exploring Bankruptcy
The prospect of bankruptcy would be a huge blow to the independent film world. Ellison has been hailed as one of the few executives remaining in an increasingly tentpole-driven industry to champion adult-skewing dramas made at a studio-level budget.
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"The Ellison family is in negotiations to restructure their deals with the banks. They remain in full support of the company and are dedicated to Annapurna’s future," said an Annapurna spokesperson. Megan Ellison is the daughter of Oracle Corporation billionaire Larry Ellison. Her brother, David, founded Skydance Media, which produces the Terminator sequels and is behind the forthcoming Tom Cruise starrer Top Gun: Maverick, among other titles.
Red flags abounded as the company scrapped two high-profile previously greenlit films last year: Jay Roach's untitled Roger Ailes drama and Jennifer Lopez's heist pic Hustlers. Those moves coincided with the departures of two high-level executives, domestic marketing president Marc Weinstock and film chief Chelsea Barnard, and were followed by an announcement earlier this year of a new joint distribution venture with MGM that some saw as Ellison relinquishing power.
The prospect of bankruptcy would be a huge blow to the independent film world. Ellison has been hailed as one of the few executives remaining in an increasingly tentpole-driven industry to champion adult-skewing dramas made at a studio-level budget. As a producer-financier, she backed such films as Kathryn Bigelow's Zero Dark Thirty, David O. Russell's American Hustle, Spike Jonze's Her and Seth Rogen and Evan Goldberg's R-rated animated breakout Sausage Party. From an awards standpoint, Ellison's track record was impressive given that she is one of the most nominated female producers in Oscar history, with Annapurna nabbing 52 nominations over the past eight years.
But perhaps the biggest looming question is the fate of the James Bond franchise. Annapurna has at least a 50 percent stake in United Artists Releasing. Bond 25 — which has been plagued by setbacks including a director switch, star Daniel Craig's ankle injury and at least two peeping Tom incidents involving hidden cameras in a bathroom — is scheduled to be released April 8 by UAR (Ellison is also a board member of the UAR). How Annapurna's cash flow issues will affect the MGM tentpole's release will be determined. An MGM source says there would be no impact on the release of any its titles including Bond.
