Legendary MGM (Metro Goldwyn Mayer) Up for Sale Soon!

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!

Posted Under: Hollywood Up-Front Lisa Mason Lee, Lisa Mason Lee
This post was written by Lisa Mason Lee on November 15, 2009 Write a Comment (2)

Lionsgate Reality Check as Investors Pull Out

Even though Lionsgate seems to be on a roll with past movie hits such as, American Psycho in 2000, Affliction, Gods and Monsters, Dogma, Saw and the Michael Moore documentary Fahrenheit 9/11, which became the studio’s highest grosser, it seems investors are not banking on the latest crop of releases.

The money guys have closed the bank on several films in release. “The Spirit” and “My Bloody Valentine 3D,” and its upcoming Feb. 20 release “Tyler Perry’s Madea Goes to Jail.” Now Lionsgate will have to pony up company money to get the job done.

Lionsgate

The loss of funding is a troubling economic sign for a film industry usually immune to downturns.   In the 1920’s a depression saw the then fledgling film business thrive as people turned to entertainment to escape a stark reality, however, this trend may not be following suit for this recession and things may get even worse if it turns in to an all out depression.

Posted Under: Lionsgate
This post was written by ThecounT on February 11, 2009 Write a Comment