Hollywood producer Village Roadshow Entertainment Group filed for bankruptcy due to its ongoing arbitration battle with Warner Bros. Discovery and its failed venture into independent films and television series.

Village Roadshow Entertainment Group, the production company behind several hit movie franchises in Hollywood, including The Matrix and Joker, has filed for Chapter 11 bankruptcy protection in Texas amid a longstanding battle with Warner Bros.

The company attributed its red ink to its protracted battle with Warner Bros. over the release of "The Matrix Resurrections" and a push into independent production. Village Roadshow said a potential sale last year collapsed because of uncertainty surrounding the dispute.