Let the MGM Bidding Wars Begin
MGM Auctions Off Franchise Rights
2009 was not kind to Metro-Goldwyn-Mayer, the film giant with increasingly aging properties that is now being forced to shut its doors and auction off its assets — assets that include Tolkien’s The Hobbit and, to an extent, the James Bond franchise.
At least the end is in sight: according to Variety, MGM (which went on sale November 13), will start receiving bids for their properties within the next few weeks as we enter December. MGM auctioners are setting up an internet database that will allow potential buyers to view financial data for a variety of their holdings.
$1.5 billion worth of property includes the lion’s image itself along with a library of around 4,000 film titles, which will undoubtedly yield a new influx of crappy remakes from a variety of other studios. It’s likely that conglomerate Time-Warner will be the leader of the auction, with a reported $9 billion of expendable income sitting around. Holy freaking cow.
Though MGM released only one film this year — the poorly received remake of Fame — they will continue production on their major films in the work before passing the torch. The largest of these is obviously The Hobbit, which they’re co-financing with New Line. They’ve also got Hot Tub Time Machine, The Zookeeper, Red Dawn and The Cabin in the Woods left on their plate.
It truly is the end of an era.
