MGM’s bankruptcy, I died a little. It’s not like I’m saying anything revolutionary when I say it was probably the worst time for
the franchise to take a break. Argue the quality of Quantum of Solace all you want, but they were still coasting on the goodwill of Casino Royale. They were on a hot streak. So, when MGM officially announced they’re officially out of bankruptcy officially, I was officially happy. Officially.
According to a press release posted on Deadline Hollywood, the company is finally emerging
out of bankruptcy. Former Spyglass Entertainment heads Roger Birnbaum and Gary Barber are now set as the new co-chairs of Metro Goldwyn Mayer. The company has also raised roughly $500 million in order to fund studio operations (i.e. development deals, actual production on film and television, etc.).
“We are honored and inspired at the opportunity of leading one of
Hollywood’s most iconic studios into its next generation of
unforgettable filmmaking, global television production and distribution,
and aggressively pursuing, developing and exploiting new digital
entertainment platforms,” said Birnbaum and Barber in the joint statement. “Beginning today, MGM is a stronger, more competitive company, with a solid financial foundation and a bright future”
What is personally interesting to me is the number in the story. MGM has $500 million to work with. Quantum, while co-financed by Sony, still cost in the ballpark of $225 million. While MGM’s probably going to get films like Red Dawn and Cabin in the Woods distributed so they can get some cash back, $500 million on the outset doesn’t sound like much. As opposed to the other option of absolutely no cash, though, $500 million is a much better option.