Bill + Ted 3 made by a different studio?
MGM currently owns the rights to the franchise. As of late however, they have been under financial stress.
They may not be able to afford to produce, let alone distribute, Bill & Ted 3. What I see happening is MGM licensing the franchise and characters and such to another studio (or two) in order to get the movie made. Universal and DreamWorks were the first names to cross my mind.
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Good advice