Hedge fund Pacificor has won the rights to the Terminator series following a heated bidding war. The Santa Barbara-based firm, which lent the Halcyon Group money to buy the sci-fi property back in 2007, bid $29.5 million to secure the rights ahead of Sony Pictures and Lionsgate at a five-hour auction yesterday.

Sony and Lionsgate were initially bidding separately for the franchise, but decided to join up in an effort to out-muscle the Halcyon debt holder Pacificor. The studios dropped out as bidding reached the $29.5 million mark.

According to Deadline Hollywood, Halcyon will pocket $5 million for every future Terminator movie made, as well as retain revenue from Terminator: Rise Of The Machines and last summer’s Terminator Salvation. Halcyon’s debt to Pacificor has also been wiped out in the deal.

The Terminator film franchise has grossed more than $1.4 billion at the worldwide box office and spawned the short-lived TV series, The Sarah Connor Chronicles.