In an interesting article in Variety, the trade reports that the fifth "Terminator" film could move studios over to MGM.

MGM currently owns the rights to the original "Terminator" film while Lionsgate eventually acquired the rights to "Terminator 2." "Terminator 3" and the forthcoming "Terminator Salvation" are owned by Warner Bros.

MGM has a 30-day right of first refusal to finance and distribute the fifth "Terminator" film, a right earned through the settlement of a lawsuit between the studio and Halcyon partners Victor Kubicek and Derek Anderson - who currently own the rights to the "Terminator" franchise. Reportedly, MGM has every intention of going after the franchise and taking it away from Warner Bros.

With "Terminator Salvation," MGM had an opportunity to take ownership but passed as it was a risky project at the time. There was only an early draft of the script by "T3" writers John Brancato and Michael Ferris and it was known that Arnold Schwarzenegger wasn't going to return. After WB took over "Terminator Salvation" Jonah Nolan, Paul Haggis, Shawn Ryan and Anthony Zuiker rewrote the script and McG took over at the helm. Now that Christian Bale will return as John Connor and McG will return as director, the fifth "Terminator" project would be a potential strong project.