The hit movies are the gifts that keep on giving for MGM. In addition to the jump in revenues, the studio says that James Bond and the residents of Middle Earth helped to raise Q3 net income by $23M …
The Board of Directors of MGM Holdings Inc., authorized a share repurchase plan and adopted a Stockholder Rights Plan declaring a dividend distribution of one “Purchase Right” for each outstanding share of its Class A Common Stock and Class B Common Stock.
“Gary Barber and his team have done a great job building an attractive slate of new content in film and television, which is driving strong growth and profitability,” said Ann Mather, MGM’s Lead Director. “MGM’s healthy balance sheet and efficient operating structure position the Company for a wide array of options to maximize shareholder value. The MGM Board is considering all of these options carefully, and has approved the share repurchase plan in recognition of the Company’s strong performance to date and future prospects. Along with the share repurchase plan, the adoption of the Stockholder Rights Plan will allow the Board to act in the best interests of the Company and its stockholders without any distractions which could result from coercive and discriminatory takeover attempts.”
“As the Board considers MGM’s options for creating maximum value for our stockholders, the Board has authorized MGM to repurchase shares from stockholders,” said Gary Barber, MGM Inc.’s Chairman and Chief Executive Officer. “The initial authorization by the Board under the stock repurchase plan is $75 million, and the Board will continue to assess the size of the repurchase plan over time.”
EXCLUSIVE: I can’t say definitively that the negotiations are going to work out, but MGM is in talks with Wanted helmer Timur Bekmambetov to helm Ben-Hur, a new adaptation of the 1880 Lew Wallace novel Ben-Hur: A Tale Of The Christ, which in its time outsold every book but The Bible until it was eclipsed by Gone With The Wind. This all got set in motion after MGM bought a Ben-Hur spec by Keith Clarke (he scripted the Peter Weir-directed The Way Back), a package that came with Sean Daniel and Joni Levin attached to produce, and Clarke and Jason Brown exec producing. This happened last January, right after MGM got new funding and was flush with proceeds from the 007 pic Skyfall and The Hobbit. I have been chasing the possible deal with Bekmambetov for the past two weeks, and it seemed intriguing enough as another Biblical epic moving forward that I felt it was worth noting despite the fact they haven’t reached financial terms and I don’t know for certain that they will.
Longtime MGM international publicity director Bill Edwards has died. Edwards passed away at his home in Cape Town, South Africa on Wednesday, Screendaily reports. He was 84. Born in Sutton-in-Ashfield, Nottinghamshire, England, Edwards began his film industry career in London in 1952 at the trade paper Kine Weekly. He joined …
‘Fruitvale Station’ Duo Ryan Coogler And Michael B. Jordan Team With Sly Stallone On MGM ‘Rocky’ Spinoff ‘Creed’
EXCLUSIVE: MGM is setting Ryan Coogler to direct Creed, and the studio is in early talks with Coogler’s Fruitvale Station star Michael B. Jordan to play the grandson of Apollo Creed in a continuation of the Rocky saga that Coogler is going to write with Aaron Covington. Sylvester Stallone will reprise Rocky Balboa as a retired fighter-turned-trainer. This comes in the wake of a strong summer platform opening for Fruitvale Station, the film that won both the Grand Jury Prize and the Audience Awards at Sundance, and captured Prize Of The Future at the Cannes Film Festival, where Coogler and Jordan were the toast of the Croisette. Coogler intends for this to be his directorial follow-up to Fruitvale Station so the intention is to make it happen quickly.
Now, I know the knee-jerk reaction is to say it’s hard to get excited about what amounts to the seventh film in the Rocky series. This feels different to me, mostly because of how it came together. Much the same way that Coogler burned with the desire to tell the tragic story of Oscar Grant in his feature debut and begged Jordan to play the role in the $900,000 budget film, this whole idea also came from Coogler. When he signed with WME, Coogler identified Creed as a dream project. While Coogler already had the relationship with Jordan, the agency put him together with Stallone. Stallone, who is right now heavily involved in a stage musical transfer of his original Oscar-winning 1976 film Rocky, loved the idea and felt it was strong enough for him to bring back his signature screen character. Stallone and Coogler then approached MGM’s Gary Barber and Jon Glickman, and they flipped for it. The film will be produced by Irwin Winkler and Robert Chartoff, who produced the original, along with Stallone and Kevin King.
The intention is for Jordan to play the grandson of Apollo Creed (played in the early movies by Carl Weathers). Raised in an upper-crust home thanks to the ring riches earned by his grandfather, the young man doesn’t have to box and his family doesn’t want him to. Yet, he has the natural instinct and gifts and potential that made his grandfather the heavyweight champion until Rocky Balboa took his crown in 1979′s Rocky II. Creed’s grandson needs a mentor and turns to Balboa, who is out of boxing completely and not eager to return.