After Metro-Goldwyn-Mayer Studios’ exit from bankruptcy a decade ago, the storied film and television company made strides toward regaining its status as a Hollywood player.
Some worry the studio missed opportunities for a lucrative exit for shareholders by not selling to a Chinese company or tech giant and is now in a difficult position due to the COVID-19 pandemic that shut down movie theaters, closed film sets and triggered industrywide layoffs.In a significant blow, MGM last month postponed the 007 film “No Time to Die” from this month until Easter weekend.
“It’s hard to imagine any of the smaller studios being stand-alone over the next several years,” said LightShed Partners media analyst Rich Greenfield.Much of the investor tension has centered on the chairman of MGM’s board, Kevin Ulrich, who is chief executive of investment firm Anchorage Capital Group, the studio’s leading shareholder.
New York-based Anchorage was among a group of MGM’s top creditors who became shareholders when the studio emerged from Chapter 11 protection in December 2010 under aAnchorage, Highland Capital Partners, Davidson Kempner Capital Management and Owl Creek Investments each owned more than 10% of outstanding shares of common stock in MGM as of Sept. 30. All four investors declined to comment.
“The studio has, and will continue to, make decisions that are right for the overall business and our shareholders,” Kelley said.
I would love to see Tom Cruise play double OO7. It seems like that role was made for him.
95% only bad news(
Follow me for a quick follow back