MGM Finalizes its Restructuring: A Big Step Forward for The Hobbit and James Bond
With a burst of hopeful feeling for The Hobbit and the James Bond franchise, Metro-Goldwyn-Mayer announced today that it has found new management and can finally tuck itself into the ugly chrysalis of bankruptcy proceedings and emerge as a bee-yutiful production company. Gary Barber and Roger Birnbaum (founders of Spyglass Entertainment) will become its new CEOs, effective as soon as its bankruptcy proceedings have been worked through.
This agreement with Spyglass will allow MGM to keep the arrangements it has already made on movies currently in production, while giving the company the time (and financial leeway) to reduce itself to a production company only. MGM’s film distribution would be handled by Spyglass, who will be merging the company with a couple of other movie studios… it all gets very complicated, but you can take a look at the official statement at Deadline, if your tastes run that way.
Now that MGM is on a firm path towards climbing out of its $4 billion of debt, it can actually look at maybe making some money. The Hobbit and James Bond are two of the biggest brands MGM has in their library, and so as ScreenRant puts it: “it’s now a matter of when and not if we’ll see them made.”
Between studio fires, actors disputes, and a conspicuously empty director‘s chair, MGM’s money problems haven’t been the only thing standing in the way of a smooth production for The Hobbit, but consider this one more obstacle removed. James Bond’s 23rd installment is comparatively unfettered. Daniel Craig is signed for three more Bond movies, so that’s not a problem. Hopefully we’ll see some movement on the two franchises soon.
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