MGM
As I reported to you not long ago, legendary movie company MGM Inc. was drowning in debt and on the verge of bankruptcy.
Tomorrow, MGM will be up for bids to be bought out! Potential players who may buy MGM are Time Warner Inc. and Lions Gate Entertainment Corp.
The eventual winner would gain the right to make new James Bond movies, win half of the rights to the next two “Lord of the Rings” movies based on “The Hobbit” and snatch the studio from a possible bankruptcy filing. Nonbinding bids are due tomorrow, Friday.
After bids come in Friday, financial adviser Moelis & Co. will recommend whether to have a second round of bidding or have MGM attempt to restructure its debt on its own.
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