Saturday, 30 October 2010

Film Industry: The end of MGM as we know it?

The famous Metro-Goldwyn-Mayer film studio has been looking for a way out of their financial problems for a while now.
This is MGM Wikipedia entry.

In 2005, MGM was acquired by Sony and other investors.

Back in March 2010, it looked like Time Warner might take over:
Time Warner leads pack in race for MGM (The Sunday Times)

A few days ago, it looked like Lions Gate would be the successful in a merger with MGM:
"The details of Lions Gate's proposal were released just days before MGM creditors face a Friday deadline to vote on an alternative plan to merge with a unit of Spyglass Entertainment. The Spyglass deal would see MGM creditors, owed more than $4 billion, own more than a 95 percent stake in a company worth around half of that."

However, now Spyglass Entertainment is taking over the control of a bankrupt MGM:
"The studio said MGM creditors "overwhelmingly" approved what amounts to a prepackaged bankruptcy plan, The Wall Street Journal reported Saturday.

The plan includes having Spyglass Entertainment co-founders Gary Barber and Roger Birnbaum take over as co-chief executive officers, the Journal said.", full article here

James Bond fans now hope that production of the next film will resume...

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