Both Sony Pictures and Lionsgate were bidding for the franchise separately before joining up after the first round of bids was completed, Deadline says.
Halcyon will receive $5 million for every Terminator movie made from now on and retain the revenue streams from the movies third and fourth Terminator pics.
An arrangement was also made that the sale now wipes out the debt Halcyon owed to Pacificor and all other creditors. Deadline notes that the deal is subject to approval by the bankruptcy court. It will be presented at a hearing on Thursday.