Village Roadshow could be forced to offload its struggling movie production business, behind films such as Zoolander and Ocean's 8, with members of the wealthy Kirby family that controls the sprawling entertainment heavyweight feuding over the best way to restore its lacklustre performance.

John Kirby — the older of two brothers who control the outfit founded by their father, Roc Kirby — is pushing for a sell-off of the company’s film production business and the removal of long-time chief executive Graham Burke, according to sources familiar with his plans.

Village Roadshow lost more than $500 million in market value over five years. Credit:Scott McNaughton

The changes would include the sale of Village Roadshow's British marketing business, its stake in the American iPic Theatres premium cinema outfit, and its Hollywood holdings.

Village Roadshow has lost more than $500 million in market value over the past five years, with its share price crashing from $7.15 to as little as $1.77 in July.