MGM Getting Back on Stable Ground? Hope for Future Projects?
Steve Barton
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If you’re around my age or older the prospect of a movie world without MGM seems wrong. Very wrong. Hell, unimaginable. The lion has been roaring for many years, and even though he took a financial stumble, he looks as if he’s getting ready to go back on the prowl.
According to Variety MGM, which has released only one film this year, received approval on Dec. 2 from a bankruptcy court judge of its “pre-packaged” plan of reorganization. The plan wipes out the equity interest of MGM’s current owners, the Sony-led consortium that bought it in 2005 in a $4.8 billion leveraged buyout — which left the studio with a crushing debt load.
“MGM is emerging from one of the most challenging periods of its storied history,” said Spyglass Entertainment toppers Gary Barber and Roger Birnbaum who will serve as co-chairmen and CEOs. “We are honored and inspired at the opportunity of leading one of Hollywood’s most iconic studios into its next generation of unforgettable filmmaking, global television production and distribution, and aggressively pursuing, developing and exploiting new digital entertainment platforms.”
Terrific news indeed! Now can we please have Cabin in the Woods and The Poughkeepsie Tapes? Please? Sugar on top?
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