Metro-Goldwyn-Mayer Studios filed for bankruptcy protection this morning in New York City. They have been in serious debt since 2005, Reuters reports. The company expects a federal bankruptcy judge to approve the filing in approximately 30 days. The move comes after Spyglass Entertainment’s heads took hold of MGM last week.
Nov 3
2010
12:29 PM ET
MGM files for bankruptcy protection
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Still not good news for 007.
This will affect production on “The Hobbit” as well, won’t it? This makes me sad. Every time I watch an old movie like “The Wizard of Oz” and see the MGM opening with the lion roaring, it makes me wonder how such a once-golden company can fall to this level.
I would think Peter Jackson will pull strings to save The Hobbit. I wouldn’t be too worried about that movie.
I don’t get it, how can they be in such trouble? You’d think they have money
The royalties they have to pay to the roaring lion are huge.
hahahaha
Well, that’s it for another Daniel Craig 007 movie, isn’t it? Why are these studio executives so imcompetent? They had YEARS to come up with a viable solution to at least save the 007 movies. Now we’ll be lucky to get another movie in 10 years and I highly doubt we’ll get lucky enough for anyone to stumble into genius casting like Craig again. I’m devastated.