MGM Today Lays Off Its Digital Department

I heard about a few secret layoffs at MGM right before Christmas 2010, and as recently as January 28th. Today, MGM laid off its entire Digital Department before the big move to the studio’s new Beverly Hills location. Post-bankrupt MGM … Read More »

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MGM Partners For Classic TV Digital Net

By | Tuesday January 4, 2011 @ 11:30am PST
Nellie Andreeva

In one of its first moves as it is emerging from bankruptcy, MGM is making a play in the digital world, teaming with digital station operator Weigel Broadcasting for the launch of Me-TV, a television network offering classic television sitcoms, … Read More »

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Official: MGM Moving Into Office Building Once Intended For William Morris Agency

By | Wednesday December 29, 2010 @ 11:18am PST

The Beverly Hills Courier broke this real estate story and now it’s confirmed: on Sunday, MGM signed a lease with New York-based George Comfort & Sons for that 6-story big blue office building at the corner of 235-269 N. … Read More »

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MGM Restructure Complete: Spyglass’ Duo Roger Birnbaum And Gary Barber Take Reins With $500 Million To Spend

LOS ANGELES, CA, December 20, 2010 – Metro-Goldwyn-Mayer Inc. today announced that the company’s restructuring has become effective, with exit financing of $500 million in place. The company’s “pre-packaged” plan of reorganization (the “Plan”) was confirmed on December 2,

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Bah, Humbug! MGM Lays Off 50 Employees

Most of the bigwigs left weeks ago, but today MGM began laying off 50 staffers, mostly from the post-production, marketing, and theatrical distribution departments. Once Spyglass Entertainment’s Gary Barber and Roger Birnbaum start running the studio when it emerges from … Read More »

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Breaking: MGM Gets Bankruptcy Court Okay

Mike Fleming

LOS ANGELES, CA, December 2, 2010 – Metro-Goldwyn-Mayer Inc. (“MGM”) today announced that the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) has approved the company’s “pre-packaged” plan of reorganization (the “Plan”), clearing the way

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Bankruptcy Court Likes MGM Plan

Mike Fleming

Metro-Goldwyn-Mayer Inc. (“MGM”) announced that the U.S. Bankruptcy Court for the Southern District of New York approved all of MGM’s motions that were heard today, including finding that modifications to its “pre-packaged” plan of reorganization are immaterial and accordingly authorizing the plan to be amended.  Once amended, the plan

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MGM Starts Pre-Packaged Chapter 11; Claims Carl Icahn Now Supports Plan

LOS ANGELES, CA, November 3, 2010 – Metro-Goldwyn-Mayer Inc. (“MGM”) today announced that it and approximately 160 of its affiliates have filed Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York (the “Court”)

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Lionsgate Wins: Icahn Lawsuit Dismissed And Stake Drops From 38% To 33.5%

BREAKING: In the latest development in Carl Icahn’s attempt to take over Lionsgate and merge its assets with MGM, a Supreme Court judge in British Columbia has dismissed Icahn’s lawsuit to thwart a Lionsgate de-leveraging move on July 20 that took $100 million in debt off the books and converted … Read More »

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BACK ON ITS FEET? MGM Creditors Crown Spyglass Partners New Chiefs

Mike Fleming

2ND UPDATE: MGM has just issued this statement about the results of the creditor voting:

“Metro-Goldwyn-Mayer Inc. (‘MGM’) today announced that the secured lenders voting in the Company’s solicitation process have overwhelmingly approved its proposed plan of reorganization (‘Plan’). MGM will now move expeditiously to implement that Plan, which will dramatically reduce its debt load and put the Company in a strong position to execute its business strategy. MGM is appreciative of the lenders’ support.”

UPDATE: The creditors have now officially approved the restructuring plan that puts the Spyglass chiefs atop MGM and gets the studio moving again. A statement will be released momentarily. Now, the fun begins. If MGM isn’t a distributor, the next installment of James Bond will be a jump ball. Expect Sony (which distributed Casino Royale to battle it out with Warner Bros and Fox, but watch Paramount emerge in the thick of it because of the close relationship that the studio has developed with Spyglass since that company became co-financier of Star Trek and the followup that is in the works. Read More »

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Miramax Putting Together Exec Team

The long-running drama of MGM should play out by tomorrow when creditors decide whether or not to embrace a restructuring package that puts Spyglass partners Roger Birnbaum and Gary Barber in control or instead give the MGM assets to Carl Icahn and Lionsgate. Elsewhere, Miramax Films, the other endless custody … Read More »

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Carl Icahn and Lionsgate Redouble Efforts To Buy Up MGM Debt To Thwart Spyglass

Mike Fleming

Carl Icahn is now offering 50 cents on the dollar for MGM debt in an attempt to bolster his position before creditors vote Friday on a reorganization plan that puts Spyglass partners Roger Birnbaum and Gary Barber in the driver’s … Read More »

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Mary Parent Is Officially Out At MGM; Studio’s Lenders Given More Time To Review Spyglass Info

BREAKING NEWS… UPDATE: She has signed a non-disclosure agreement and therefore can’t talk publicly to the media. But, making no secret that she was negotiating her exit from MGM after taking the job in April 2008, Mary Parent this afternoon is now officially out at the studio where she was Chairman of the Motion Picture Group and Co-CEO. It’s a sad ending to Parent’s struggle to revive the debt-ridden cash-strapped studio and get it producing and distributing movies again against huge odds. That she was able to accomplish anything at all, even a few releases and co-productions, is testament to her professionalism and personality. Hollywood needs to salute her.

Parent and her staff, meanwhile, has had to go into the Century City offices every day for months and basically do nothing. “A really good group of people came in here to sit on the bench in their prime. What wasted capabilities and wasted potential,” she has told pals. In private conversations with Hollywood, she called it “a perfect storm against us” of events that sank her management team. She’ll probably catch her breath before thinking about another job. (The offers are just coming in now.) In the end, she like everybody else puts all the responsibility for the studio’s demise on Harry Sloan and his inability to tell the truth. ”In a weird way, it’s like coming off a bad relationship,” she told a friend Friday. “I married the wrong guy and woke up pregnant.” (see below for more) Read More »

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Lionsgate Pleads Case For Its MGM Merger

Mike Fleming

Lionsgate is making its argument for a merger with hobbled studio MGM, a move that is supported by Carl Icahn, who has been trying to take over  the mini-major while simultaneously buying up MGM debt. The timing is meant to … Read More »

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MGM Crowns Spyglass Partners Gary Barber And Roger Birnbaum New CEOs

Mike Fleming

2ND UPDATE: MGM has just confirmed Deadline’s report that it has formally named Spyglass partners Gary Barber and Roger Birnbaum its new chairmen/CEOs, and the studio has just issued a press release describing its reorganization effort. It appears … Read More »

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MEMO: MGM Not Veering From Spyglass

Mike Fleming

EXCLUSIVE: Despite the speculation that India conglomerate Sahara India Pariwar might swoop in and buy MGM for $2 billion, it doesn’t sound like MGM’s current management is taking it that seriously. At least not based on this internal memo I just obtained:

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Bloomberg: MGM Creditors To Vote On Pre-Packaged Bankruptcy Plan This Month

Nellie Andreeva

MGM creditors will be asked to approve a restructuring and pre-packaged bankruptcy plan for the studio within the next week or two, Bloomberg reports. This follows Spyglass chiefs Roger Birnbaum and Gary Barber’s signing non-binding letters of intent on … Read More »

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STIRRED, NOT SHAKEN: Sam Mendes & Daniel Craig Will Wait For James Bond

Mike Fleming

james_bond1Reading these obits on James Bond, I think reports of 007′s motion picture demise because of MGM’s near-bankruptcy have been greatly exaggerated. Despite an article out of the UK that spread virally, insiders insist nothing tangible has happened. While Sony, Fox, and Warner … Read More »

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Spyglass Beating Summit To Run MGM?

MgmlogosmallFor weeks now, we have been hearing from our various sources at studios, agencies and production companies that Spyglass Entertainment is in the lead to run a restructured MGM despite Summit Entertainment also being very much in the mix. But it’s been … Read More »

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