We brought you the news last month about Arnold Shwarzenegger being set to reprise his role as The Terminator in a new installment of the franchise to be directed by Justin Lin (Fast Five). At the time of that report, CAA was reportedly shopping a rights package for the film to various studios with both Schwarzenegger and Lin attached, though no screenwriter was (or is) yet in place.

Now, Deadline reports that Terminator 5 has put Lionsgate and Annapurna Films in a bidding war over the title. The project was said to be already in Lionsgate’s hands, after the studio ponied up a payment of $29.5 million to current title owners Pacificor, and then Megan Ellison’s Annapurna came in at the eleventh hour with a higher bid.

Stay tuned to SciFiMafia for further news on the Terminator franchise.

Terminator 5 starring Arnold Shwarzenegger is currently in development.