MGM Studios Officially For Sale
Filed under: Deals, Executive shifts, Lionsgate Films, MGM, Warner Brothers, RumorMonger, Distribution, DIY/Filmmaking, Newsstand, James Bond
MGM Studios' financial troubles will soon be coming to a sad end. Back in September, it was reported that MGM was in such poor shape that they might be forced to auction off their assets, including James Bond and The Hobbit. That day has come to pass. Variety reports that MGM Studios is officially on the auction block.MGM has been given a month of breathing space from their interest payments, time they plan on using to begin "a process to explore various strategic alternatives including operating as a standalone entity, forming strategic partnerships and evaluating a potential sale of the company."
But all hopes of survival may rest on what they sell off from their glorious history, including a library of 4,000 titles, the logo, the United Artists company, James Bond, and half ownership in The Hobbit. Time Warner, News Corp, and Lionsgate are said to be interested in all of the above.
As their library scatters to the four winds, it'll be really interesting to see what remakes and reboots it spawns. Remember, Robocop was on the MGM remake slate, and surely some hungry studio will snap that up. The Cannon Films and ITV Global Entertainment collections are just ripe for harvesting. Perhaps you'll finally see a Lifeforce movie, or a remake of Capricorn One, or an aspiring Tarantino type will buy up all those American International Picture rights and revive motorcycle gang movies. Sure, we all want to know who will wind up with James Bond, but it'll be far more fascinating if someone tries to remake Psych-Out. *
*It's possible this is considered one of AIP's "early" films, though it's unclear where that cut off date is.
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Reader Comments (Page 1 of 1)
11-16-2009 @ 3:08PM
Julie said...
I find this immeasurably sad. I know MGM isn't the first to disappear into history, but come on, it's MGM! That roaring lion...I'm completely flummoxed when it comes to the financial gears of Hollywood and how it all works. I just can't fathom a big studio going under...
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11-17-2009 @ 1:01AM
Joe said...
I wonder if there are any plans on making a new Stargate movie if some one buys MGM. I really want to see another Stargate movie. The TV series is good but I really want to see what can happen if SG gets a new film.
With the Star trek revival and seeing how well that went I could see a Stargate revival doing really well.
I could see Warner wanting MGM because with the Hobbit in the works right now and seeing as WB is starting to get in the game industry in a big way they could get the rights to make James Bond video games and take it away from Activison.
I am surprised to not see Sony on the list. With them doing the last few James Bond movies you would think they might want to get a hold of MGM.
That being said It will be interesting to see how this plays out. I just hope who ever gets MGM allows the movies to come out and makes them great.
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11-17-2009 @ 2:57AM
vijy said...
How much will be the valuation of MGM Studios ?
http://www.mortgage--rates.info
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1-06-2010 @ 3:16AM
Kagome said...
Sony Owns 21% of MGM maybe They will buy the rest of MGM? The Japanese has been for years after the MGM trademark
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