Spyglass Entertainment close to a deal to run MGM

Hollywoodnews.com: Could beleaguered MGM have finally found the financial support it needs?

Spyglass Entertainment might be close to finalizing a deal to run MGM, according to a report in the Wall Street Journal. The deal would be put in place once MGM restructures up to $4 billion of its debt.

Due to monies owed, MGM currently can not move forward on any of its major film franchises, including the James Bond franchise and Peter Jackson’s planned “The Hobbit” adaptations (with Jackson potentially at the helm).

I’m not certain this is the best deal for Spyglass, and won’t know until the numbers are made public. Spyglass has been busy as of late co-financing projects like “Dinner for Schmucks” and J.J. Abrams’ “Star Trek” reboot.

Under the deal with MGM, Spyglass co-heads Gary Barber and Roger Birnbaum would run MGM as co-CEOs. For the sake of the Bond franchise, I hope the two are able to prop MGM up on stronger legs, so the studio can get back to making movies.

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