MGM May Have Found A Buyer In Spyglass Entertainment
For the last year, MGM has been as close to dying as a movie studio can get without officially liquidating and boarding up the doors. The company, despite owning huge franchises like James Bond, is $4 billion in the hole, a debt that has stopped all production including Bond 23 and The Hobbit. It has been known for a while now that the company won't make movies until it is sold. That day may be coming soon.
Variety reports that Spyglass Entertainment is considering buying the company. The deal could save MGM from forced bankruptcy, with Spyglass taking a 4% stake and combining libraries under the lion. Spyglass is principally known as a co-financing company, working with other studios on films such as this year's Leap Year, Get Him To The Greek and Dinner For Schmucks.
MGM has officially been on sale since November of last year, but no other studio has wanted to touch them with a 20 foot poll. And can you blame them? There are countries with smaller debts than MGM. After restructuring, MGM would be able to boast a $1.9 billion value, meaning that the next Bond and Hobbit movies could be on the way. Keep your fingers crossed.
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