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.
Read more
MGM
Legendary movie company and once a major movie studio MGM (Metro Goldwyn Mayer), is sitting on the edge of 4 billion dollars debt and a potential sale of the company! The death of Hollywood begins…
We all know MGM… the Lion that growls before the movie starts… yeah, that company. This is very sad news for every movie lover in the world. MGM is the birth and blood of moving motion pictures.
The MGM studio lot was sold years ago to Sony Pictures (wish they kept the org MGM sign!), which still resides over in Culver City. I had the opportunity to work there a few times, one being on “The Curious Case of Benjamin Buttons” movie. MGM currently has an office building over in Century City. I’m not aware of any current standing “MGM” named studios, but the company does shoot at the Sony studios. Sony owns part of the MGM brand/name/company now, along with a few other odd companies like Texas Pacific Group, Comcast Corp., DLJ Merchant Banking Partners and Quadrangle Group.
This must mean that the new MGM owners can’t take care of their baby due to their own company failures! We’re calling child protection services!
Read more
Loading ...
