Debt-ridden MGM could be sold
12 November 2009 4:52 AM, PST | The Guardian – Film News | See recent The Guardian – Film News news »
The studio with the famous lion logo and library of James Bond films appears to be headed for the auction block to recoup some $3.7bn in debt
The MGM lion, a star of cinema since the 1920s, may be looking for a new home amid rumours that the studio is to be sold off in the Hollywood equivalent of a fire sale. Reportedly saddled with debts totalling $3.7bn (£2.2bn), the company looks likely to sell its MGM andUnited Artists libraries to the highest bidder in the next few weeks.
Variety suggests that the studio's film archive, which includes the lucrative James Bond adventures, may be snapped up by a major company such as Time-Warner. The famous logo featuring Leo the lion could well be auctioned off separately. Either way, it appears that the heyday of Metro-Goldwyn-Mayer is officially over.
Founded in 1924, MGM operated under the motto "Ars Gratia Artis »
– Xan Brooks
from http://www.imdb.com
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