LOS ANGELES, CALIFORNIA: Bron, the renowned Canadian production and financing company, which was involved in backing successful films such as 'Joker,' 'Licorice Pizza,' 'Bombshell' and 'Judas and the Black Messiah,' has made a distressing announcement on Wednesday, July 19. Co-founder and CEO Aaron L Gilbert revealed that the company has filed for bankruptcy.
The bankruptcy filing includes Chapter 15 in the United States and creditor protection with the Supreme Court of British Columbia in Canada, where Bron is headquartered. This move comes amid rumors of financial difficulties that had been circulating about the company for several months.
Who is Bron studios CEO?
Bron Studios' CEO is Aaron L Gilbert. He is also one of the co-founders of the company. The decision to file for bankruptcy was taken in light of the company's challenging financial circumstances, as Gilbert expressed in a letter to the company's "friends, partners, team members, and backers." The letter stated, “Having explored many options for many months, Bron had no choice but to take this step in light of its financial circumstances."
It continued, "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.”
Bron Studios and Bron Digital, both under the Bron banner, have been instrumental in co-financing projects like 'Joker,' which achieved tremendous success, grossing $1.1 billion worldwide, and 'Licorice Pizza,' directed by Paul Thomas Anderson. The company has also been associated with prominent talents like Charlize Theron and Jason Reitman.
However, the company faced significant challenges, exacerbated by the Covid-19 pandemic and other headwinds affecting the media industry in recent years, including labor strikes. The pandemic, in particular, took a toll on Bron, and the expiration of co-financing slate deals with Warner Bros. and MGM further impacted the company's financial standing. An industry insider stated, "Sadly, this was inevitable," acknowledging that Bron's funding had often supported projects that others were hesitant to finance.
'Hollywood math strikes again!'
The announcement of Bron Studios' bankruptcy filing has sent shockwaves through the entertainment industry. One tweet read, "Hollywood math strikes again!" Another questioned, "Where’s all that 1 billion dollars that they gained from Joker?" A third claimed, "BRON probably placed all their eggs in one basket by getting The Weeknd and all these other famous stars on The Idol." "The Idol did them in," read another comment. Questioned another, "Damn, the Idol was that bad wasn’t it?" In response, a viewer of 'The Idol' chimed in, saying, "It was really bad."
