MGM close to deciding strategic partner

The Wall Street Journal has reported that MGM’s creditors are close to deciding a strategic partner to help steer the troubled studio through its current crisis.

Creditors are looking for a partner with experience in the movie business and would replace at least some of MGM’s top brass, including the current CEO. They plan on taking over MGM through a debt-for-equity swap that would probably see the studio taken into bankruptcy.

However, the deal doesn’t solve the issue of finance, with the studio requiring $1 billion to develop new films including Bond 23, currently on indefinite hold.

Until finance is in place MGM will still not be in a position to green light new productions; that means EON Productions is unlikely to restart work on Bond 23.

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