Walden Media is selling its film library, Variety has learned.
Best known for family fare like “Bridge to Terabithia” and the “Chronicles of Narnia” series, Walden plans to use all of the money it receives from the sale to fund future productions. The company plans to make up to four films annually and is branching into television.
No deal has been finalized, but the company has identified several interested buyers for the 46 films it is selling. Upcoming projects will not be included in the auction. Deloitte is handling the sale.
“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.”
Walden isn’t the only company selling its library. In September, news broke that Morgan Creek, the company behind “The Last Of The Mohicans” and “Ace Ventura: Pet Detective,” was entertaining bids for domestic rights to its nearly 80 films.
Walden is owned by billionaire Phil Anschutz’s the Anschutz Film Group. In 2013, the company underwent a series of layoffs and dialed down its development operations as a concession to the fact that studio slates were shrinking. Walden moved more aggressively into co-financing other companies’ projects, but that has begun to change. It has been revving up its on in-house development over the past year.
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.