MGM Considers Selling

For several months, the legendary production studio has been facing financial turmoil, despite owning the rights to major franchises, such as James Bond, Pink Panther, and The Hobbit. Now, the studio is looking for ways to resolve the situation.

The big lion has until January 31, 2010 to establish a restructuring plan. Three solutions were brought about; functioning as an independent entity, establishing profitable partnerships or selling.

Back in October, it was announced that the rights to The Hobbit would remain MGM property, and that production would resume in collaboration with New Line Cinema. The deal would allow the studio to stay afloat for approximately one year.

The Pink Panther and James Bond franchises also give MGM some leverage in taking the bull by its horns, although the studio is drowning in a debt of over 50 million dollars.

Hopefully, between now and January 31, the sale of the Hollywood giant will be pushed into high gear, as MGM still has big projects underway.