COVID has been creating problems for human lives for a long time now. Even the most thrifting and thriving companies are taking severe measures just to survive. Another casualty has happened. MGM studios, known for their producing and distributing movies, have decided to sell a part of their library. Moreover, not just any part, but the “James Bond” series. The news came this morning and is definitely a shocker. It definitely sounds awful and is undoubtedly one of the worst news to receive as a movie fan.
Reportedly the company stands at $5.5 billion at the moment. And the news of MGM fighting with bankruptcy has been in the market for quite some time now. MGM holdings INc. is currently in talks with banks Morgan Stanley and LionTree LLC. So, they can facilitate the deal in the market to buy everything MGM has ever made.
MGM is 96-year-old and has been providing content and love for every cinema lover. The list of films produced by them is quite long and clearly shows the amount of love it receives from its supporters. We expect that their new deal will bring them what they initially wanted. So, let’s go ahead and check out more about the sale and who is buying it.
Is MGM Exploring A Sale?
MGM (Metro-Goldwyn-Mayer) studios are selling its library of content. They are now giving a chance to other businesses and companies to expand their content streaming list. MGM also co-owns the “James Bond” franchise. According to sources, they are exploring to sell the “James Bond” movie series as well. However, nothing is confirmed as of now.
The Wallstreet Journal confirms the news. They also mentioned that the MGM studios have a market value of $5.5 billion. It also includes debt. The studio is now taking financial advice from Morgan Stanley and LionTree LLC. They seek help to create a deal with the prospective buyer and help them with the formal procedure. Also, LionTree has previously worked with MGM.
MGM’s top shareholder is the hedge fund Anchorage Capital. And it is led by Kevin Ulrich, former Goldman Sachs executive. Ulrich is also the head of MGM’s Board of Directors.
As the procedure is still happening in the backend, no official announcement is made by MGM. However, MGM is sure that streamers will buy it out.
During this pandemic, the viewers have learned to watch Tv shows and cinemas on streaming channels. This may be one of the reasons why MGM could make a great sale and fulfill their deal.
MGM’s library is huge, and we are not kidding. It includes 4000 film titles and 17000 hours of television programming. Moreover, MGM also owns film franchises like “The Hobbit” and “Rocky.” It also has Tv shows like “The Handmaid’s Tale” and “The Viking” on its credit list.
Cinemas this year have suffered a lot with theaters being closed. And until now the chances of enjoying a movie in a cinema look slim to none. Recently, Warner Bros also made a huge decision as they shifted their entire 2021 slate to HBO Max.
With streaming services being the star of the season, viewers and fans can easily enjoy new content online.