MGM loses rights to Alicia Vikander's Tomb Raider sequel after failing to greenlight the film

Four years after Alicia Vikander debuted as Lara Croft in the 2018 Tomb Raider reboot, a long-planned sequel is now dead… as it stands now.

MGM reportedly had until May 2022 to give the green light to a sequel, or else it would lose the rights to the popular video game franchise.

While Vikander was set to return and Misha Green (Lovecraft Country) slated to write and direct, MGM failed to greenlight the sequel by May, with The Wrap now reporting that a bidding war has started for the film rights. 

With MGM letting the rights lapse, Vikander, 33, is no longer attached to return as Lara Croft, with the property expected to be rebooted once again.

Green is seemingly not attached to write and direct either, since the report adds there are, ‘no casting or director commitments.’

The rights automatically reverted back to the video game company, which thusly made a deal with producer Graham King and his King Films to represent the IP.

There are reportedly a number of Hollywood movie studios that have put in bids for the franchise rights. 

The popular video game franchise first hit the big screen in 2001 with Lara Croft: Tomb Raider, starring Angelina Jolie.

The film earned $274 million worldwide and, for many years, was the highest-grossing video game adaptation.

The 2003 sequel Lara Croft Tomb Raider: The Cradle of Life didn’t fare quite as well, earning $160 million worldwide.

The franchise was rebooted with Vikander with 2018’s Tomb Raider.

While the film only took in $58.2 million at the domestic box office, it earned $216.4 million from foreign markets for $274.6 million worldwide from a $94 million budget.

The original Tomb Raider video game was released in 1996 by Eidos Interactive, which has sold over 88 million copies to date.

Back in May, a company entitled Embracer acquired Tomb Raider developer Crystal Dynamics and all of its IP in a deal worth $300 million.

The company said in an earnings call that they see, ‘great potential, not only in sequels, but also in remakes, remasters, spinoffs as well as transmedia projects.’