MGM Bankruptcy Saga Ends – Will Bond Be Back Soon?

Published 4 years ago by

mgm spyglass bond MGM Bankruptcy Saga Ends   Will Bond Be Back Soon?

As we previously reported, MGM has finally filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in New York. After more than a year of trying to select a specific reorganization plan, MGM has ultimately gone with the plan that names Spyglass Entertainment as the new head of MGM.

Specifically, the plan appoints Spyglass co-heads Gary Barber and Roger Birnbaum as co-CEOs of MGM; it was approved by MGM’s board of over 100 lenders, who will trade almost $4 billion in debt for 95% collective stake in the restructured studio.

Despite a last minute bid by MGM debt holder Carl Icahn and his studio, Lionsgate, to take over MGM, the Spyglass deal was approved and has now officially been set in motion. The court will have 30 days to review and approve the plan; if and when that approval is given, the reorganization initiative will wipe out ownership positions held by certain parties (Sony, Comcast) while converting other lenders’ debt into equity in the new Spyglass/MGM – a move that will still award Icahn a good chunk of stake in the studio.

Speaking of Icahn, he also managed to win a few other key battles in the eleventh-hour skirmish with Barber and Birnbaum: Spyglass’ equity stake in MGM has been knocked down from 5% to 1%, and Icahn will also join Barber and Birnbaum on the MGM board. Not a bad victory.

Here’s what the Spyglass co-heads had to say about the deal:

“MGM is emerging from one of the most challenging periods of its storied history. We are honored and inspired at the prospect of leading one of Hollywood’s most iconic studios into its next generation of unforgettable filmmaking, global television production and distribution, and aggressively pursuing, developing and exploiting new digital entertainment platforms.”

As detailed in our previous article, Barber and Birnbaum’s approach is to make 4-6 moderately-budgeted movies a year, allowing for one big blockbuster. Other MGM lenders want to “outsource” the cost of distributing films, while focusing on television ventures that include cable TV deals, video on demand and online streaming (domestically and abroad). Basically, the lenders are starting to look toward the future of entertainment – one where digital media helps eliminate certain costs associated with the traditional means of marketing and distributing entertainment. Not a bad plan.

the hobbit bond MGM Bankruptcy Saga Ends   Will Bond Be Back Soon?

As for the two things we here at Screen Rant care about – The Hobbit and James Bond – we know already that Barber and Birnbaum had distinctive roles in getting The Hobbit into production with Peter Jackson at the helm; it’s early yet to make an official call, but you can bet that the pair are looking ahead with equal enthusiasm to preserving the James Bond franchise, hopefully with star Daniel Craig still attached and rumored director Sam Mendes still onboard for the next installment. Bond fans have been saying for some time that this stalled Bond 23 movie is something the want to see, so it wouldn’t hurt Spyglass/MGM to hop to it and capitalize on that good favor.

I gotta be honest… I’ve been writing these MGM bankruptcy posts for about a year now, and I’m sincerely hoping that this is the last one. The next time I have to even mention this, the headline will hopefully read “Bond 23 Officially Back on Track”.

For now, take solace in the knowledge that The Hobbit: Part 1 is currently scheduled to reach theaters by December 19th, 2012, while Part 2 will follow a year later in December of 2013.

Source: THR

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  1. I already posted this in the Open Discussion, but this also seem appropriate.

    I I have a cool concept for an already established franchise. I may have mentioned that I am not awfully fond of Quantum Of Solace, or Daniel Craig as James Bond, and with all the financial stuff at MGM part of me was hoping they might call it a day and bring the franchise back in a few years with a totally new creative team. The same people have been working on these movies since the 90s.

    They wanted to take Bond back to his roots, instead they made him a mindless thug of a man, well I say take him not just back to his roots but back in time.

    Make a new series of Bond films set in the 50s/60s.

    It will make them different from every other techno thriller/terrorist bomb plot film.

    Tom Hardy as Bond.

    • sorry,but i agree with Kofi,cant wait for the news that they are starting Bond 23, with Daniel Craig :-), and lets forget all the bad news of the past year!!

      • Well, considering Quantum Of Solace is the film I hate most in this world, I’ll take my idea over anything they actually make.

        • I love your idea but I think Daniel Craig should get two more films (about all he can do age-wise) to finish out the evil organization story that the last two have started. Tom Hardy has long been my choice for a new Bond, but 60s Hardy-Bond makes me drool.

          • Thanks. I’m starting work on my 60s Tom Hardy Bond script right now!

            • Make it awesome Sam!!!!

              • I already have a title!


                • Very cool my friend :)

  2. we need a black james bond :) will smith? anyone?

    • Not being rascist, but no we don’t. That’s like saying we need a black Batman or Spiderman. Don’t turn Bond into an affirmative action hero just make a black (and I say black as opposed to African American to incorporate Europeans) spy movie. It’d be awesome and wouldn’t have to adhere to the conventions of James Bond movies.

      P.S. Let’s never watch Will Smith again. I’m burnt out on mediocre movies already.

      • We don’t need a black James Bond. NO Spider I’m by no means racist. You guys have Undercover Brother lol.

  3. Please no more “dark, gritty, no gadget” Bond. If there are no gadget then it is just another spy movie. Bond=gadgets end of story.

    • Gadgets and hot women scantily clad. :D

  4. Will Bond be back soon?

    I think it goes without saying that Bond is a high priority.
    I don’t know what MGM will do with the Red Dawn remake though or Cabin In The Woods. I suspect the former will go right to DVD and the latter to theaters early next year. They haven’t sold them off to other studios to distribute, so we’ll see what happens.

    As to the proposal? I could not agree more. In fact, I think “the big film” will be Bond. It has to be.

    • regardless of what you think,or like,for that matter, Daniel Craigs Bond IS a moneymaker, and thats exactly what they need at MGM, so forgive me if i keep my hopes up :-)

  5. I would name Bond23 “When The Bullet Hits The Bone” and get that song from the 80′s that has that phrase in it. “When The Bullet Hits The Bone”
    by Earrings Golden. The “Quantum of Solace” didn’t have a very good theme song to punctuate the action. You got to have a good score like “Live and Let Die”.

  6. I love the idea of taking bond back to the sixties! Tom Hardy seems cool for the job. But they should also bring back the old Roger Moore style of the better ones he did, with gadgets, hot chicks and plenty of tongue in cheek action.They were always my fave bond movies. The new ones could be bourne or any spy franchise.

    • Well, I’m working in it right now!

  7. For those who are curious about when Bond 23 will arrive, MGM is looking for a November 2012 release.

  8. Besides Bond, when is Red Dawn going to finally get released.