Will "Terminator" be Terminated?

The rights to the Terminator franchise have been on the auction block since September, 2009.  Now, the LA Times is reporting that Lionsgate Entertainment is currently the top bidder.  Lionsgate, which already has home video distributing rights to Terminator 2: Judgment Day, has bid $15 million in cash plus 5% of gross receipts from any future "Terminator" films.

Halcyon Group, which put 25-year-old franchise up for sale when it filed for Chapter 11 bankruptcy, would keep all revenue from "Terminator Salvation", which earned $372 million worldwide, and has been available on DVD since December.  Halcyon acquired the rights to "Terminator" in 2007 for $25 million.  Sony Pictures and Warner Bros. were also said to have been interested in the franchise.  A bankruptcy court will determine "Terminator"s new owners on Feb. 10.

Lionsgate's most popular franchise to date has been the "Saw" movies, of which the most recent installment, Saw 6, turned in disappointing numbers at the box office last fall.   Current Liongate films Precious and Brothers have earned five Golden Globe nominations, along with several SAG nominations for "Precious".

What would future "Terminator" films made by Lionsgate look like?  Lionsgate films tend to be lower budget than the $200 million spent on "Terminator: Salvation".  Would a smaller, more character-driven "Terminator" film be the right move for the franchise?  Would there be any chance that director McG or star Christian Bale would be retained for No. 5?  Or would we be looking at a complete reboot for Terminator?

Personally, I think I'm one of the few out here who liked Christian Bale as John Connor.  I thought his brooding intensity just right for a character who has, literally, grown up with the weight of the world on his shoulders.  I'd like to see Bale back, but would that happen with a smaller budget film?

Hopefully, we'll begin to get a few answers come February!