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Film Studio Mgm Bankruptcy Plan Announced

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http://www.bbc.co.uk/news/business-11498081

Hollywood film studio Metro Goldwyn Mayer has begun plans to file for bankruptcy protection in an effort to rid itself of $4bn (£2.5bn) of debts.

The studio is asking more than 100 of its creditors to approve a plan that will see it enter chapter 11 bankruptcy while it restructures.

Creditors will get a 95% stake in the company as part of the deal.

MGM said it would continue to operate as normal during the bankruptcy procedures.

The plans follow months of speculation over the future of MGM, which has struggled with large debts, a lack of blockbuster film releases, and a downturn in DVD sales.

Earlier this year, the studio put itself up for sale, but failed to find suitable bidders.

As part of the plans, the privately-owned production company Spyglass Entertainment will merge two of its subsidiary businesses into a subsidiary of MGM to create the new MGM company.

Spyglass will then own the remaining 5% of the new business, with its senior management taking charge.

So the first major studio goes bankrupt. Still I'm sure the new debt free company if the creditors agree to it will be immensely profitable...

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Im watching DebtGate Universe....the intrepid explorers enter their banking portal and fight strange aliens intent on sucking their cash out of their wallets. One even has a banker implanted in his stomach issuing spend orders.

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Im watching DebtGate Universe....the intrepid explorers enter their banking portal and fight strange aliens intent on sucking their cash out of their wallets. One even has a banker implanted in his stomach issuing spend orders.

The sequel is more frightening mind you, when Toto reveals the man behind the curtain.

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The jackpot contracts of the actors and directors and such, just are not justified. Back in the day in Hollywood's 'golden era', actors were employees of the studios. And earned a good income, but probably 1/20th what they earn now.

It frustrated me to see the few television shows I enjoy cancelled because they said it wasn't profitable. Yet they insisted on having many actors and directors and such making millions a year! I would have been perfectly happy to watch the show with one of the countless starving actors making a mere 250k a year.

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Is the day coming when films are made by small, independents and distributed on the internet.

Is the day coming when one of the main planks of our celebrity culture - 'actors' paid millions of dollars to stand in front of a camera and speak whilst pretending to be someone else - is about to disappear?

When people like Tom Cruise get paid $500 a week instead of $20 million per film?

One can but hope.

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so the creditors get the lions share of the company?

Roar!...no thats MetroGoldmanSquid

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The jackpot contracts of the actors and directors and such, just are not justified. Back in the day in Hollywood's 'golden era', actors were employees of the studios. And earned a good income, but probably 1/20th what they earn now.

It frustrated me to see the few television shows I enjoy cancelled because they said it wasn't profitable. Yet they insisted on having many actors and directors and such making millions a year! I would have been perfectly happy to watch the show with one of the countless starving actors making a mere 250k a year.

+1

Heartly sick of seeing the same faces over and over again.

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Film studios are a capital intensive business with unpredictable returns.

They've historically gone bankrupt quite frequently.

More recently they tend not to go broke, but only because they're owned by much bigger media groups such as Sony, Disney etc.

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The jackpot contracts of the actors and directors and such, just are not justified. Back in the day in Hollywood's 'golden era', actors were employees of the studios. And earned a good income, but probably 1/20th what they earn now.

It frustrated me to see the few television shows I enjoy cancelled because they said it wasn't profitable. Yet they insisted on having many actors and directors and such making millions a year! I would have been perfectly happy to watch the show with one of the countless starving actors making a mere 250k a year.

This would apply to 1995 not 2010.

Even the top hollywood stars earn less than half what they did in the 90s, for mid ranking stars it's probably more like a 10th.

Box office is driven by animation, 3D and effects type movie franchises. Most of the time, they cast mid to low ranking stars as the lead.

The most famous example was Paramount scrapping their long term deal with Tom Cruise, and moving to non-star focused event movies.

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+1

Heartly sick of seeing the same faces over and over again.

Agree entirely. When watching a (newsgroup downloaded) film, the missus will always pipe up with a ‘oooh, what’s he been in’ comment to which I reply ‘I don’t give a ****’.

I care immensely little for actors, there are a few good ones, but no doubt thousands, if not millions or even tens of millions who could do the job the same if not better but never get ‘high’ enough or lucky enough to get the chance. The same applies to football (and probably other sports) with perhaps the numbers not being as large.

Good writers/storytellers on the other hand tend to be more of a rarity.

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