MGM

MGM may be about to reach a deal that will take it into a pre-packaged bankruptcy deal that will mean it could be back on its feet before the year end. The article states: Spyglass Entertainment is nearing a deal to run Metro-Goldwyn-Mayer Inc. once the beleaguered film studio finishes restructuring a roughly $4 billion [...]

Barbara Broccoli and Michael G Wilson are unhappy at MGM’s prospective buyers according to an article published on ABC News. It goes on to say: Broccoli and Wilson also continue to push for Sony Pictures to be involved. The studio was behind the production, marketing and distribution of 2008′s “Quantum of Solace.” The report suggests [...]

The proposed merger between Lions Gate and MGM aren’t going at all smoothly thanks to Carl Icahn’s hostile takeover bid of Lions Gate. According to an article in the New York Post: Merger talks between Lionsgate Entertainment and MGM are not going well, sources close to the situation said. Lionsgate, the producer of the “Mad [...]

As expected, MGM’s lenders have agreed another debt extension according to The Wall Street Journal. “Metro-Goldwyn-Mayer Inc.’s lenders agreed to give the film studio until Sept. 15 to repay interest and principal due on its bank debt, MGM said.” Read “MGM Lenders Extend Debt, Interest Payment Deadline To Sept 15″ on The Wall Street Journal

According to an article in BusinessWeek, Lions Gate Entertainment has approached MGM’s creditors with the aim of acquiring the studio, although they will need the approval of Carl Icahn, the Lions Gate’s largest shareholder.The article notes: “Any agreement to buy Los Angeles-based MGM would have to be approved by Carl Icahn, Lions Gate’s largest shareholder. [...]

Reports have appeared in the press over the last few days stating that Bond 23 had been cancelled. The Mirror and other newspapers reported that production had been axed entirely, and the story quickly spread across the globe. However, the story is entirely without foundation; production remains suspended indefinitely while the problems stemming from MGMs [...]

Variety reports that MGM is likely to ask its debtholders for another repayment extension next week when the current extension expires. Its fifth extension was granted on May 13th and runs through until July 14th. The article goes on to note: “During recent weeks, MGM’s believed to have met informally with top execs from Lionsgate, [...]

More on the ongoing story regarding a possible merger between MGM and Lions Gate from the man trying to take over the latter: “Billionaire Carl Icahn said on Friday that Lions Gate Entertainment Corp, the company he has sought to control in a hostile takeover, has problems and should avoid merging with financially troubled Metro-Goldwyn-Mayer.” [...]

According to an article in BusinessWeek published yesterday Lions Gate Entertainment Corp has held merger talks with troubled studio MGM. The article states: “No offer has been made, and Vancouver-based Lions Gate won’t be able to move ahead without backing from Icahn, the largest investor with a 32 percent stake, said the person, who requested [...]

Spyglass Entertainment and MGM are reportedly in talks to complete a deal before the studio’s fifth debt waiver expires in mid-July. A third of MGM’s debt is now in the hands of a small group of hedge funds who are looking for a pre-packaged bankruptcy in which they would take control. Having agreed to this [...]