CATEGORIES Deals, Executive shifts, Lionsgate Films, MGM, Warner Brothers, RumorMonger, Distribution, DIY/Filmmaking, Newsstand, James Bond, Movie News, CinematicalMGM Studios' financial troubles will soon be coming to a sad end. Back in September, it was reported that MGM was in such poor shape that they might be forced to auction off their assets, including James Bond and The Hobbit. That day has come to pass. Variety reports that MGM Studios is officially on the auction block.
MGM has been given a month of breathing space from their interest payments, time they plan on using to begin "a process to explore various strategic alternatives including operating as a standalone entity, forming strategic partnerships and evaluating a potential sale of the company."
But all hopes of survival may rest on what they sell off from their glorious history, including a library of 4,000 titles, the logo, the United Artists company, James Bond, and half ownership in The Hobbit. Time Warner, News Corp, and Lionsgate are said to be interested in all of the above.
As their library scatters to the four winds, it'll be really interesting to see what remakes and reboots it spawns. Remember, Robocop was on the MGM remake slate, and surely some hungry studio will snap that up. The Cannon Films and ITV Global Entertainment collections are just ripe for harvesting. Perhaps you'll finally see a Lifeforce movie, or a remake of Capricorn One, or an aspiring Tarantino type will buy up all those American International Picture rights and revive motorcycle gang movies. Sure, we all want to know who will wind up with James Bond, but it'll be far more fascinating if someone tries to remake Psych-Out. *
*It's possible this is considered one of AIP's "early" films, though it's unclear where that cut off date is.