Tomb Raider Film Rights Up for Grabs After MGM Loss

The rights to produce a Tomb Raider film have become available following MGM's failure to initiate production on a sequel. According to TheWrap, MGM had a deadline of May 2022 to approve a new film, but its inaction resulted in the loss of the rights. The rights have reverted to GK Films, which initially acquired them in 2011 from Square Enix and produced the 2018 film based on the 2013 game reboot. GK Films is now evaluating offers from various studios. The 2018 film, starring Alicia Vikander as Lara Croft, generated nearly $275 million globally. However, Vikander is no longer associated with the project, and sources indicate that the next film will be a complete reboot. This development follows Embracer's acquisition of the Tomb Raider IP as part of its $300 million purchase of Crystal Dynamics, Eidos Montreal, and Square Enix Montreal. Embracer Group CEO Lars Wingefors emphasized the importance of film in expanding an IP's reach, stating that while gaming is a superior method for capitalizing on an IP, film and TV are effective means of marketing and building an IP. Embracer is exploring opportunities in film without feeling obligated to own production companies. Netflix and Legendary are currently collaborating on a Tomb Raider animated series, and Crystal Dynamics has begun developing a new Tomb Raider game utilizing Unreal Engine 5.