Legendary studio MGM
has announced it's emergence from bankruptcy.
Gary Barber and
Roger Birnbaum of Spyglass Entertainment will act as the new co-chairmen and CEOs of the company and they will have a cheque of $500 million in new investment to fund on tv and film projects. Good news all round as they can throw some of that money onto
The Hobbit pile to make sure there are no last minute hiccups in New Zealend and they should have change left to finish up work on two further promising films gathering dust on the shelf,
Cabin in the Woods and
Red Dawn. And of course money to finance a new
James Bond film! Written by
Joss Whedon and directed by ex Lost/Cloverfield writer
Drew Goddard, Cabin in the Woods is described as a twist on the cliched wilderness horror setup and stars
Chris Hemsworth,
Richard Jenkins and
Amy Acker. The film was originally intended for release at the start of this year but was postponed so it could be converted into 3D and was given a January 2011 release date. However, that conversion never actually happened and the film was finally pulled from MGM release schedules as the studios ongoing financial problems deepened.
The Red Dawn remake may also see the light of day soon (don't all cheer at once). You may remember the slightly dated original
John Milius directed effort that stared a young
Patrick Swayze,
C. Thomas Howell and
Charlie Sheen. The remake of the cold war action thriller, which marks the directorial debut of Bourne stunt coordinator
Dan Bradley, centres on an invasion by Chinese forces on American soil and was orginally scheduled for a November 2010 release but again the studios troubles put the stops on this. And guess what, this one also stars Chris Hemsworth! Is this guy unlucky or what? Hopefully both his films will see the light of day sometime next year. But I guess it's the James Bond Fans who will be most pleased with this news.
As probably MGM's most prized asset, the new management I'll wager will want to start the wheels turning properly on
Bond 23 early next year and I wouldn't be surprised if we hear official announcements on the project soon. We already know that
Sam Mendes will be directing and they have a proposed
November 2012 release date in place, which might quickly become official because of this. All in all, I'm glad that MGM, a mainstay of Hollywood for the past 90 years is roaring back and not going out with a squeak.
MGM Press ReleaseMGM is emerging from one of the most challenging periods of its storied history. We are honored and inspired at the opportunity of leading one of Hollywoods most iconic studios into its next generation of unforgettable filmmaking, global television production and distribution, and aggressively pursuing, developing and exploiting new digital entertainment platforms, said Gary Barber and Roger Birnbaum, Co-Chairmen and Chief Executive Officers of MGM. Beginning today, MGM is a stronger, more competitive company, with a solid financial foundation and a bright future. We look forward to working with MGMs dedicated employees to build upon this companys legacy.