Various Hollywood insiders are reporting that MGM are within days of shaking hands on a deal that would see Spyglass Entertainment buy the debt ridden studio out.
If the deal does go through its expected that Spyglass would concentrate on The Hobbit and James Bond movies, two of the ailing studios biggest assets but both heavily delayed because of the studios debt problems.
MGM haven’t been able to make interest payments on their $4 Billion debt and the creditors have been tightening the noose all year.
The delays to The Hobbit are what caused Guillermo Del Toro to walk away from the movie despite already investing a huge amount of his time in the project.
Spyglass was formed by Gary Barber and Roger Birnbaum and is currently owned by Cerberus Capital Management with the 2 co-founders acting as co-CEO’s.
Hopefully this deal pans out and the big announcement first reported by Jack on his Nolder blog comes to fruition and we finally get some good Hobbit news!
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