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MGM Confirms Sale is Possible

Source:MGM

November 14, 2009

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.

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COMMENTS (10)

Posted by:

Jacob

November 14, 2009

i'll miss the lions head at the beginning of a movie :(

Posted by:

Alex

November 14, 2009

Awwww, I hope they keep their company going, I love that Lion logo :D My favourite logo lmao!! Plus they release some pretty decent films unlike Twisted Pictures crap! aka "Saw 1 - 35"

Posted by:

Rety

November 14, 2009

I wish MGM would come back and be the biggest studio again like it was from 1930s - 1950s Golden age Hollywood.

And take back their studio Lot on Culver city from dumb ass Japanese Columbia studios sitting on it

Posted by:

George

November 14, 2009

MGM, Lionsgate and Spielberg's new studio should merge with a big video gaming company and create a new film studio and television network.

Posted by:

Nindiana

November 14, 2009

What will happen to the Bond franchise??? Dont want it screwed up

Posted by:

TerreF15

November 14, 2009

man that sucks the lion will probably go to the zoo, whats going to happen with the upcoming projects?