We’ve seen the Director’s Cut of Rocky IV, which is good, but not quite better than the original. That re-edit was handled by Sylvester Stallone himself. Now a new rumor suggests that the two subsequent movies will also get some type of similar (?) treatment. According to TheDiscFather:
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There is actually already a Director’s Cut of Rocky V out there. Or it could be described as a workprint. A bootleg version of John G. Avildsen’s movie, in very poor visual quality. Unlike Rocky IV, which it could be argued didn’t need to be touched, I think there is work that could be done on Rocky V.
For instance some things Avildsen’s VHS version does is place provisional music from the fourth movie in there, instead of the tacky rap of the era.
That said, the above should probably only be taken as a rumor.