Overview
- Schwarzenegger told SiriusXM’s Radio Andy that their intense 1980s rivalry of “doing nasty things” concluded when he began developing the Planet Hollywood restaurant concept
- Their truce took shape in 1991 after Schwarzenegger’s lawyer—who also represented Stallone—proposed bringing Stallone on as a co-investor
- Backed by Hollywood stars like Bruce Willis, Whoopi Goldberg and Chuck Norris, Planet Hollywood once expanded to about 60 locations before filing for bankruptcy in 1999
- Despite the chain’s financial collapse, three Planet Hollywood restaurants and four hotels remain in operation as of May 2025
- Since burying the hatchet, Schwarzenegger and Stallone have maintained a close friendship and teamed up on films including Escape Plan and The Expendables series