MGM Files for bankruptcy

[j_garcia]

We knew they were having problems, but now it is official:

NEW YORK (Reuters) – Metro-Goldwyn-Mayer Studios Inc filed for bankruptcy on Wednesday, under a plan that would put one of Hollywood's most storied film studios under the control of its lenders.

The Chapter 11 filing follows a vote by MGM creditors last week to endorse a "prepackaged" bankruptcy that would put MGM under the control of Hollywood executives Gary Barber and Roger Birnbaum, who control the Spyglass Entertainment film company.

MGM also agreed to concessions to Carl Icahn, one of its largest debtholders, to win the billionaire's support for its restructuring.

Icahn had previously supported a rival bid to merge MGM with another studio, Lions Gate Entertainment Corp.

http://news.yahoo.com/s/nm/20101103/media_nm/us_mgm

 

[skizzerflake]

I thought they went through something similar a few years ago and that "MGM" was just a shell with a nostalgic name.

 

[darien87]

So who's going to step up and buy James Bond?????

 

[its phillip]

That's all I'm worried about. I need more daniel craig bond films before he gets too old :O

 

[jamie2112]

I am sure there will not be any shortage of buyers for the Bond series.I would like to see another one myself soon.......

 

[BoredSysAdmin]

MGM was also tied into the Hobbit production half split with WB - about 550Mil each side
Peter Jackson doesn't do small scale

 

[j_garcia]

It says there that someone is already looking to take over the whole thing, so I don't think we have to worry about who will handle their ongoing catalog, but it would be interesting to see if they do sell off certain series.