Wanna Buy a Studio?
Struggling with $3.7 billion of debt, the iconic roaring lion of MGM (once the most illustrious of Hollywood studios) is for sale. A March 20, 2010 article in Variety describes how MGM is still waiting for offers: At stake is the right to use the MGM and United Artist brands and a library that includes the James Bond movies and other gems. Lately MGM and UA have operated as divisions of Sony. But the management at Sony has been incapable of creating new hits with the MGM or UA brands. Now swamped by debt (from its 2005 buyout for $2.85 billion in cash and the assumption of $1.9 billion in debt by a group including four private equity firms and media companies Sony and Comcast) MGM is for sale.