Click to Skip Ad
Closing in...
Bill Cosby Scandal Stalls Legacy Biodoc Bill Cosby Scandal Stalls Legacy Biodoc Woody Allen Reveals Cast of His Next Film Woody Allen Reveals Cast of His Next Film Teasing More Toronto Reveals: How the Festival Landed Opener 'Demolition' and that Secret Michael Moore Doc Teasing More Toronto Reveals: How the Festival Landed Opener 'Demolition' and that Secret Michael Moore Doc The Surprisingly Complicated Legacy of 'The Daily Show with Jon Stewart' The Surprisingly Complicated Legacy of 'The Daily Show with Jon Stewart' Robert Pattinson Follows Harmony Korine to Miami for Revenge Thriller 'The Trap' Robert Pattinson Follows Harmony Korine to Miami for Revenge Thriller 'The Trap' Top 10 Takeaways: 'Mission: Impossible - Rogue Nation' Opens Strong, But Summer 2015 Has Peaked Top 10 Takeaways: 'Mission: Impossible - Rogue Nation' Opens Strong, But Summer 2015 Has Peaked Arthouse Audit: Controversy Reigns as 'End of the Tour' Tops Limited Newbies and Weinstein Dumps Jeunet's Latest Arthouse Audit: Controversy Reigns as 'End of the Tour' Tops Limited Newbies and Weinstein Dumps Jeunet's Latest Friday Box Office: Cruise and 'Mission: Impossible' Do Their Part, But Grosses Lag Friday Box Office: Cruise and 'Mission: Impossible' Do Their Part, But Grosses Lag Sarajevo Film Fest Lineup Has Auteurs, Cannes Winners and Favorites Sarajevo Film Fest Lineup Has Auteurs, Cannes Winners and Favorites Jason Segel Takes On David Foster Wallace in Controversial 'End of the Tour' (VIDEO) Jason Segel Takes On David Foster Wallace in Controversial 'End of the Tour' (VIDEO) First Look: Cynthia Nixon Plays—and Narrates—Emily Dickinson in Two Films First Look: Cynthia Nixon Plays—and Narrates—Emily Dickinson in Two Films Troubled Western 'Jane Got a Gun' Rescued as Relativity Files for Bankruptcy (Updated) Troubled Western 'Jane Got a Gun' Rescued as Relativity Files for Bankruptcy (Updated) Read Martin Scorsese's Column on His Favorite Hollywood Leading Ladies Read Martin Scorsese's Column on His Favorite Hollywood Leading Ladies A Woman in Charge: Warner Bros. Names Sue Kroll Head of Global Distribution A Woman in Charge: Warner Bros. Names Sue Kroll Head of Global Distribution Netflix and Marvel Shake Up TCAs, Amazon Rescues Bryan Cranston Pilot Netflix and Marvel Shake Up TCAs, Amazon Rescues Bryan Cranston Pilot 'The Witch' Won't Open Until 2016, But Its Sundance-Winning Director Has a New Film 'The Witch' Won't Open Until 2016, But Its Sundance-Winning Director Has a New Film How HBO's 'Ballers' Fails Sports Fans How HBO's 'Ballers' Fails Sports Fans Showtime Chief on David Lynch's 'Twin Peaks' Revival: "It's His Show" Showtime Chief on David Lynch's 'Twin Peaks' Revival: "It's His Show" Jill Soloway Says "There Is an All Out-Attack" on Female Filmmakers Jill Soloway Says "There Is an All Out-Attack" on Female Filmmakers Why Kevin Costner Paid for 'Black or White' (New Trailer, Sneak Preview Q & A) Why Kevin Costner Paid for 'Black or White' (New Trailer, Sneak Preview Q & A)

MGM's Future Comes Due: Spyglass Closing Deal

Photo of Anne Thompson By Anne Thompson | Thompson on Hollywood August 10, 2010 at 12:15PM

Time is running out on MGM, which has staved off six debt payments and owes another in September.
1
Thompson on Hollywood

Time is running out on MGM, which has staved off six debt payments and owes another in September.

The threat of bankruptcy looms, reports THR. Only the promise of a piece of the James Bond franchise has kept the wolf from the door thus far. Several franchise properties are waiting for the situation to resolve, from Bond to Peter Jackson's The Hobbit.

But it looks like the hundred lenders for the beleaguered studio, which has been up for sale for a year, but garnered a mere $1.5 billion bid from Warner Bros.--MGM owes $4 billion--are finally coming to terms on a deal that would see MGM exiting a streamlined bankruptcy by year's end. Spyglass's Roger Birnbaum and Gary Barber (pictured) would get a 4 % stake and would run the reorganized MGM with a new nine-member board after merging their film library--said to be worth $80 million--with MGM's.

The Wall Street Journal explains the complex deal for the studio, which will be valued at about $1.9 billion. Film chief Mary Parent would likely exit MGM and the door is still open for a possible partnership with Summit, or less likely, Lionsgate, which is tangled up with Carl Icahn.

Here's David Poland's analysis.

This article is related to: Directors, Franchises, Studios, Hollywood, Peter Jackson, Lord of the Rings/Hobbit, MGM/UA


E-Mail Updates








Thompson on Hollywood

Born and raised in Manhattan, Anne Thompson grew up going to the Thalia and The New Yorker and wound up at grad Cinema Studies at NYU. She worked at United Artists and Film Comment before heading west as that magazine's west coast editor. She wrote for the LA Weekly, Sight and Sound, Empire, The New York Times and Entertainment Weekly before serving as West Coast Editor of Premiere. She wrote for The Washington Post, The London Observer, Wired, More, and Vanity Fair, and did staff stints at The Hollywood Reporter and Variety. She eventually took her blog Thompson on Hollywood to Indiewire. She taught film criticism at USC Critical Studies, and continues to host the fall semester of “Sneak Previews” for UCLA Extension.