‘Tomb Raider’ Bidding War Erupts as MGM Loses Movie Rights (Exclusive)

A host of Hollywood movie studios are in the mix for the IP franchise

Tomb Raider

MGM has lost the film rights to “Tomb Raider,” based on the popular video game, sparking a bidding war for the IP, TheWrap has exclusively learned.

MGM had till May of this year to greenlight a “Tomb Raider” sequel, and the window passed. A host of Hollywood movie studios are in the mix and put in bids, according to multiple insiders with knowledge of the project.

Alicia Vikander, who starred as Lara Croft in 2018’s “Tomb Raider” is no longer attached to the project. Insiders add it’s a complete reboot and there are no casting or director commitments. Rights reverted to the game company, then the game company and Graham King’s GK Films made a deal to rep the IP.

The 2018 “Tomb Raider” earned nearly $275 million at the global box office. The film is based on the popular video game series starring the adventuring Lara Croft, and the games were initially adapted into a blockbuster pair of films in 2001 and 2003 that starred Angelina Jolie, which grossed $432 million worldwide.

A sequel to the 2018 “Tomb Raider” film had “Lovecraft Country” showrunner Misha Green attached to write and direct at one point, but that has fallen apart.

Producer Graham King and his GK Films banner acquired the “Tomb Raider” rights in 2011 from Square Enix, and is considering the offers.

Back in May, Embracer acquired “Tomb Raider” game developer Crystal Dynamics and all corresponding IP from Square Enix in a deal worth $300 million. In the company’s Q4 and full year financial report, Embracer CEO Lars Wingefors said he sees “great potential, not only in sequels, but also in remakes, remasters, spinoffs as well as transmedia projects” for “Tomb Raider.”

MGM declined to comment.