The dark cloud of financial woe hasn’t lifted over the lion just yet, but there’s still some hope, true believers! Who can save MGM from going the way of the dinosaur?
According to Variety Sony has emerged as the last studio standing in the jockeying to make a deal for MGM’s distribution duties — including the 23rd James Bond pic. Paramount, Warner Bros. and Fox are all out of the running.
Studios had no comment Tuesday on reported details of a deal structure, but a person familiar with the situation told Variety that Sony and MGM are still hammering out particulars on a pact covering worldwide distribution of MGM titles and possible co-financing of upcoming films.
Sony co-financed and released MGM’s last two Bond movies, Casino Royale and Quantum of Solace, and speculation has emerged that Sony will co-finance the next film, set for release on Nov. 9, 2012, along with David Fincher’s remake of The Girl With the Dragon Tattoo.
An overall distribution deal would also cover the two completed MGM titles, Red Dawn and Cabin in the Woods, as well as DVD and digital sales from MGM’s 4,000-title library.
MGM obtained a $500 million cash infusion on Dec. 21 as part of its pre-packaged bankruptcy, which swapped $4 billion in debt for equity in the revamped studio. MGM toppers Gary Barber and Roger Birnbaum have been discussing possible deals in recent weeks with Sony, Fox, Paramount and WB, but Par and Warners decided this week to pass on continuing discussions.
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