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Since its revival two decades ago, Metro-Goldwyn-Mayer has had a difficult time keeping itself in the black. Or perhaps it should be said that it hasn't been keeping itself in the black. Nonetheless, the studio announced recently that it will be staying in business despite a shaky reboot to its production and distribution. "Contrary to recent media reports, (MGM) is not for sale," said a statement by all the current owners of the studio printed in The Hollywood Reporter. "There is no 'asking price' for the company. MGM's existing financing arrangements are sufficient to meet its
needs. Goldman Sachs has been retained to explore enhancements to
MGM's long-term capital structure."
Speculation has been rampant this past year that the only way to
refinance the studio's $3.7 billion debt would be gaining a new owner,
which, combined with talk by Reliance Big Entertainment's of taking
an equity stake in the company, seemed like a sign of change. But it
looks like its current owners, which are mostly Providence Equity
Partners, TPG, Sony Corp. of America and Comcast Corp, saw this as less than advantageous, so perhaps the studio is doing better than outsiders
had thought.
What this means for film watchers is good news, as MGM acts as a distributor for smaller film companies and finances its own features. Consolidation would mean closing off more options, and with the studio involved in upcoming features like Quantum of Solace, The Hobbit and the Robocop remake, it's clear that keeping it around is a decidedly good thing.
Related links:
Metro-Goldwyn-Mayer on IMDb
MGM.com
Got a news tip for Paste? E-mail news@pastemagazine.com.
What this means for film watchers is good news, as MGM acts as a distributor for smaller film companies and finances its own features. Consolidation would mean closing off more options, and with the studio involved in upcoming features like Quantum of Solace, The Hobbit and the Robocop remake, it's clear that keeping it around is a decidedly good thing.
Related links:
Metro-Goldwyn-Mayer on IMDb
MGM.com
Got a news tip for Paste? E-mail news@pastemagazine.com.
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