MGM’s future will be in television, if an article published by Variety is to be believed. Gary Barber and Roger Birnbaum of Spyglass are reported to have signed a nonbinding letter of intent to become co-chairmen and co-CEOs of the troubled studio. The article states:
“MGM will enter into a pre-packaged bankruptcy and re-emerge between now and the end of October as a debt-free operation that will put much greater emphasis on developing programming — scripted and reality — for cable TV, according to a source familiar with planning for the Lion.”
The article goes on to say that television series could be developed from some of MGM’s biggest film properties, such as Robocop and will be competing with Lionsgate, which until recently had been a contender to take over the ailing studio.
Where this leaves the James Bond series and Bond 23 is anyone’s guess, but in order to pay back creditors it could be that Spyglass intends to sell off some of MGM’s biggest assets – which would include 007 and The Hobbit.