Blockbuster is Not Paying Up for Its Teen Movies
It's no secret that Blockbuster isn't doing well, but now it looks like the rental company has been slacking on payments for a number of teen movie offerings, and movie distributors are not happy about it.
According to the Wall Street Journal, Blockbuster is currently the nation's largest video-store chain, but it recently received notice in the Manhattan bankruptcy court saying that it owes $720,000 for the rights to rent and sell the Universal movies 'Scott Pilgrim vs. the World' and 'Charlie St. Cloud.'
In addition to this massive bill, Summit Distribution is demanding that Blockbuster pay up for past-due invoices for the films in the 'Twilight' series, which have reached $1.6 million. If they don't, Summit will press for the Blockbuster's Chapter 11 bankruptcy case to be turned into a Chapter 7 liquidation in order to pay off its debt.
But while it may seem like Blockbuster is singling out teen movies, it has actually missed payments on a ton of other films, too. Universal claims that rental company owes money on 'The Kids are Alright,' 'Despicable Me' and 'The American,' just to name a few.
Why isn't Blockbuster paying its bills on these specific teen movies? Well, the company has been struggling for a while now, so it may be defaulting on payments across the board. So far, we've only heard about this issue from Summit and Universal, but it may just be a matter of time before other movie distributors start speaking up, too.
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