MGM on its Way to Auction
MGM’s iconic roaring lion has been stifled to whimpers of late due to ticket-sale woes, and the box office blows have the once ample studio heading to the auction house again.
The auction would be at least a two-part process. Time Warner could bid for MGM-UA’s library of 4,000 titles, while a separate company may choose to purchase the lionesque logo, Variety reports. Sources suggest that billionaire Kirk Kerkorian might have an eye on the company, after having already bought and sold MGM twice.
Specialist Stephen Cooper, the financial comeback king who worked to revive the Krispy Kreme franchise, stepped in for former CEO Harry Sloan to restructure the company out of about $3.7 billion worth of debt.
At this point, bankruptcy is still an option for the faltering studio, which plans to release comedies Hot Tub Time Machine and The Zookeeper in Oct. 2010, and a Red Dawn remake the following November.
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