On Thursday, it was reported that MGM may be auctioned off within the next few weeks, and now the studio has confirmed a possible sale in an official statement:
MGM said today its lenders have agreed to extend the forbearance until January 31, 2010. The lenders took this action in support of the Company’s ongoing efforts to develop and evaluate long-term strategic alternatives to maximize value for its stakeholders. MGM appreciates the continued support of its lender group for the process it is undertaking. MGM also said today it is beginning a process to explore various strategic alternatives including operating as a standalone entity, forming strategic partnerships and evaluating a potential sale of the Company.
It looks like we’ll know soon what will happen to properties such as James Bond and the Hobbit films.