There is finally a light at the end of the tunnel for MGM, Bond 23 and The Hobbit.
The Los Angeles Times reports that Spyglass Entertainment bosses Gary Barber and Roger Birnbaum are poised to take over as co-chairmen and co-CEOs of MGM now that they've signed a non-binding letter of intent. There are also plans in motion for a recapitalization of the studio where MGM's $4 billion in debt would be converted to equity as part of a bankruptcy arrangement.
"Under Barber and Birnbaum, MGM would need a large cash infusion to fund production of new movies including a planned James Bond sequel and two films based on The Hobbit to be co-financed with Warner Bros.," according to the Times.
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