There is still no studio attached, and no script. The clock is slowly ticking on the project, as all "Terminator" rights revert back to James Cameron in 2019. In light of this, the original deal to make an additional three films (adding to the four existing "Terminator" films), has been reduced to two.
The franchise is more in line with David's repertoire. While Megan has poured money into prestige art-house projects such as Paul Thomas Anderson's "The Master" and Kathryn Bigelow's current Oscar contender "Zero Dark Thirty," David's Skydance has been outputting "Mission Impossible: Ghost Protocol," "Jack Reacher," "World War Z" and "Star Trek Intro Darkness."
The siblings, whose father is billionaire Oracle founder Larry Ellison, have only collaborated once before, on the Coen brothers' "True Grit" -- it went on to receive ten Oscar nominations in 2010.