MGM and bankruptcy...

[wraithfodder]

The latest on MGM from the Los Angeles Times ( http://lat.ms/a3zdw8 )

 

 

Spyglass proposes MGM reorganization plan, including prepackaged bankruptcy [updated]

October 7, 2010

Update, 3:35 p.m.: MGM announced that under the proposed plan, its approximtaely 100 lenders will exchange their more than $4 billion in debt for 95.3% of the reorganized studio following its exit from bankruptcy.

Spyglass Entertainment and two of its subsidiary companies, Cypress Entertainment Group Inc. and Garoge, Inc., will merge into MGM and together control the remaining 4.7%. The subsidiaries own the first 15 films produced by Spyglass, including "Seabiscuit," "The Sixth Sense," and "Bruce Almighty," all of which will added to MGM's existing library of about 4,000 titles. Those 15 Spyglass movies are valued at about $85 million.

 

MGM's previous owners, such as private equity firms Providence Equity Partners, TPG Capital, Sony Corp. and Comcast will see their stakes wiped out

 

REST AT LINK ABOVE. It's probably the more detailed of the articles out there.

This one - http://www.hitfix.com/articles/first-step-for-bonds-return-mgm-formerly-puts-its-eggs-in-spyglass-basket - said "MGM's relatively small television operations which include producing the "Stargate" franchise will likely remain unaffected." and that's all I could find via Google news for 'MGM' and 'Stargate" in a seach. I dare say that compared to the Bond franchise, Stargate is considered small fry, at least by the press/PR folk.

 

Comments

[gelbes-gilatier.livejournal.com]

Actually, if I remember it correctly, wasn't Brad Wright's excuse for not making any more SG movies that the DVD markets practically imploded? So, either he was lying misinterpreting numbers or the DVD sales really aren't what they used to be anymore (if so... they must have stopped being so great a long while ago...).

[margec01.livejournal.com]

The story I read in the papers about Stargate DVD sales being great was definitely before the recession. A LOT of things have not been getting produced due to the poor economy. Ben Browder had an interesting and insightful discussion about that in LA last November, showing that film and TV money was scarce everywhere.