Two glowing, translucent figures stand opposite each other, surrounded by film reels, a clapperboard, flying papers, an eagle, and a shark in a dramatic, spotlighted setting.

Around the time bankruptcy was filed, Content Partners had reportedly placed a stalking horse offer of $353-365 million for the assets of VREG. However, in April 2025, Alcon Entertainment outbid Content Partners with a higher offer of $416.5 million, with the company being approved as the new stalking horse bid by Delaware bankruptcy judge Thomas Horan, who also set a deadline of May 16 for other interested bidders, if any, and a 20 May auction date if more than one party showed up. VREG was to file notice within a day of the bidding deadline whether it would prefer holding an auction for its assets or sell them directly to Alcon, with Horan scheduling the hearing date for the transaction's approval for 11 June.[45] On 18 June 2025, it was announced that Alcon's stalking horse bid worth $417.5 million had succeeded, giving it rights to VREG's library of 108 films, including intellectual properties, distribution rights, cash flows, overall rights and royalties, as well as its development slate of films and television series; distribution rights to titles co-financed with Warner Bros. were retained by the latter.[9][46] On 5 November 2025, Alcon was also awarded derivative rights to most of the titles it had acquired for $18.5 million following a hearing in a Delaware court. Warner Bros. tried matching Alcon's offer, subsequently submitting a revised bid of $19.5 million, and offered to release certain claims from an arbitrary dispute with VREG, only for the latter to make a See more